SYDNEY, Oct 20 ― Australia's Lynas Rare Earths said today it planned to shut all operations in Malaysia except a mixed rare earth carbonate processing plant in the December quarter, with minimal volumes of the raw material processed during the shutdown.
Shares of the miner fell as much as 2.7 per cent to A$6.24 (RM18.80) by 0045 GMT, the lowest since May 3.
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Lynas' Malaysian operations have been a sore point for the company, with the country's government raising concerns about the radiation levels from cracking and leaching for the last couple of years and Prime Minister Datuk Seri Anwar Ibrahim warning of a policy to ban exports of rare earth raw materials.
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It will implement an upgrade to its downstream operations at Lynas Malaysia to increase production of neodymium-praseodymium (NdPr) to about 10,500 tonnes per annum.
This upgrade will be essential if the company's Malaysian operating licence, which has a condition that bars the miner from importing and processing rare earth raw materials from January 2024, is updated to allow the continued import and processing of Lanthanide concentrate, it said.
ADVERTISEMENT During the shutdown, which starts in mid-November to complete upgrading works, key personnel from the Malaysian cracking and leaching plant will be deployed to assist with the start-up process of its rare-earths processing facility in Kalgoorlie in Western Australia.
Lynas, whose operating licence in Malaysia had been extended until January 2024, said application for a stay to allow it to operate on a normal basis in Malaysia while administrative and legal appeals are heard and decided has been listed for hearing in November.
The world's largest producer of rare earths outside China also reported a 21.8 per cent drop in its first quarter sales revenue to A$128.1 million. It missed a consensus estimate of A$159 million, according to Barrenjoey.
“The production report looks a little underwhelming and plenty of maintenance issues to come which is not helpful,” said Henry Jennings, senior market analyst at Marcustoday.
NdPr production for the quarter came in at 1,526 rare earth oxide tonnes (REOt), compared with 1,045 REOt a year earlier. ― Reuters
Radioactive processing, already know it's radioactive but dun want to do in own country, want to do in other country on the pretext it will help provide revenue n jobs. Very clever
SYDNEY, Oct 20 ― Australia's Lynas Rare Earths said today it planned to shut all operations in Malaysia except a mixed rare earth carbonate processing plant in the December quarter, with minimal volumes of the raw material processed during the shutdown.
just a partial shut down for 3 months for maintenance work. budak sekarang punya english
Radioactive processing, already know it's radioactive but dun want to do in own country, want to do in other country on the pretext it will help provide revenue n jobs. Very clever
Stupid/selfish$ for those that accept it to operate here in the first place
Radioactive processing, already know it's radioactive but dun want to do in own country, want to do in other country on the pretext it will help provide revenue n jobs. Very clever
if im not mistaken....it is tax free...for certain period... good job bijan..maybe we can suggest to build a prison cell next to lynas....put him and the hippo there
"During the shutdown, which starts in mid-November to complete upgrading works, key personnel from the Malaysian cracking and leaching plant will be deployed to assist with the start-up process of its rare-earths processing facility in Kalgoorlie in Western Australia."
Means to say, the experts from MY will train the new workers and management teams at the new plant. Once fully operational, the MY plant will be shutdown for good. It is a matter of time only.
Then again, Lynas don't pay taxes for their operations here due to exemptions.
Radioactive processing, already know it's radioactive but dun want to do in own country, want to do in other country on the pretext it will help provide revenue n jobs. Very clever
Not a good news considering DAP did not kicked out Lynas as promised right after winning the general eretion.
That precedes would be all untreated toxic waste will be left there for the rot of population there when they left.... while DAP boasted they did their work but in fact wont be able to see through this issue.
just a partial shut down for 3 months for maintenance work. budak sekarang punya english
QUOTE
Lynas, whose operating licence in Malaysia had been extended until January 2024, said application for a stay to allow it to operate on a normal basis in Malaysia while administrative and legal appeals are heard and decided has been listed for hearing in November.
Hebat you punya england. Shutdown 1year for maintenance work pun saya boleh cakap Shutdown 2year for maintenance work pun sama Shutdown indefinately for maintenance work also can say
Without operating licence, you can try to run the processing operation after the license expire.
Hebat you punya england. Shutdown 1year for maintenance work pun saya boleh cakap Shutdown 2year for maintenance work pun sama Shutdown indefinately for maintenance work also can say
Without operating licence, you can try to run the processing operation after the license expire.
yea pandai macam lynas. invest in upgrade until december only to be shut down in january.
QUOTE
It will implement an upgrade to its downstream operations at Lynas Malaysia to increase production of neodymium-praseodymium (NdPr) to about 10,500 tonnes per annum.
"During the shutdown, which starts in mid-November to complete upgrading works, key personnel from the Malaysian cracking and leaching plant will be deployed to assist with the start-up process of its rare-earths processing facility in Kalgoorlie in Western Australia."
Means to say, the experts from MY will train the new workers and management teams at the new plant. Once fully operational, the MY plant will be shutdown for good. It is a matter of time only.
Then again, Lynas don't pay taxes for their operations here due to exemptions.
Remember Lynas doing ads in Youtube recently "justifying" what they are doing, and why should remain in Malaysia? Good times
Radioactive processing, already know it's radioactive but dun want to do in own country, want to do in other country on the pretext it will help provide revenue n jobs. Very clever
As long you can justify your actions. People will close one eye
Oct 20 2023, 09:43 AM, updated 3y ago
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