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Rare earths miner Lynas confident on Malaysia licence renewal as expiry looms
- Lynas and Malaysia have been locked in a months-long dispute over the removal of low-level radioactive waste produced by the firm
- A recent audit by Malaysian authorities concluded in a ‘very satisfactory’ result, said Lynas, which is the only producer of rare earths outside China
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Australia’s Lynas Corp is confident its licence to run an US$800 million rare earths processing plant in Malaysia will be renewed by authorities before a September 2 deadline expires, a top company official said.
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Lynas and Malaysia have been locked in a dispute for nearly eight months over the removal of low-level radioactive waste produced by the company.
Australia-listed Lynas is the only major proven producer of rare earths outside of China, at a time where markets are concerned that the industry may get embroiled in the trade war between Beijing and Washington.
The miner has submitted all the documents necessary for the renewal, and that the Atomic Energy Licensing Board has completed a successful audit on the plant several months ago, concluding it was “very satisfactory”, Lynas Malaysia Managing Director Mashal Ahmad said.
Malaysia’s energy and environment ministry had set conditions in December for Lynas to remove its waste stockpiles before it would renew its licence.
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