Business

Australia’s Lynas surges on Malaysia rare earths approval

Workers stand on scaffolds inside Lynas factory during a media tour in Gebeng, 270 km east of Kuala Lumpur in this April 19, 2012 file photo. ― Reuters picWorkers stand on scaffolds inside Lynas factory during a media tour in Gebeng, 270 km east of Kuala Lumpur in this April 19, 2012 file photo. ― Reuters picSYDNEY, Sept 6 ― Shares in Australia’s Lynas Corp jumped by more than 50 per cent today after the company received a temporary operating licence for its long-delayed US$800 million (RM2.5 billion) rare earths plant in Malaysia.

Shares rose to a three-month high of A$0.95 (RM3) and last traded up 49 per cent at A$0.89.

The Lynas plant on Malaysia’s east coast has been ready to fire up since early May, but the company has been embroiled in lengthy environmental and safety disputes with local residents since construction began two years ago.

The Malaysian Atomic Energy Licensing Board (AELB) issued the permit yesterday following an earlier recommendation from a government committee. ― Reuters

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