(Updates with background on Malaysia unit, regulatory concerns,
company comment)
May 8 (Reuters) - Australia's Lynas Rare Earths Ltd on Monday said its operating license in Malaysia to
import and process rare earths was now valid until Jan. 1 next
year from a prior expiry date of July 1 if it had failed to
comply with certain conditions.
In mid-February, Malaysian regulators renewed Lynas'
domestic unit's license for three years but retained conditions
that prevented it from importing and processing rare earths
concentrate after July 1, which could lead to revocation of its
licence.
Lynas' rare earths processing facility in Malaysia is the
world's largest outside of China, and has been dogged by
environmental concerns which have resulted in multiple
regulatory roadblocks so far.
"The licence variation allows the Lynas Malaysia cracking
and leaching plant to continue to operate until 1 January 2024
and will remove the requirement for a shutdown at the Lynas
Malaysia plant prior to 1 January 2024," the rare earths
producer said.
"Lynas has made significant investments in its Malaysian
facility and will seek review through (these) processes in
respect of the conditions to ensure that Lynas is treated fairly
and equitably as a foreign direct investor."
(Reporting by Sameer Manekar in Bengaluru; Editing by Sandra
Maler)
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