Breaking News
Witness recounts deadly Ulu Tiram police station attack
KUALA LUMPUR, April 9 — A police corporal in the Ulu Tiram police station attack case
...KL High Court told Fahmi made no political speech at Rawang mosque
KUALA LUMPUR, April 9 — An investigating officer told the High Court yesterday that Communications Minister
...Madani Mart uses licensing model, not govt-funded, says deputy minister amid KR1M comparisons
JOHOR BAHRU, April 5 — Madani Mart operates on a licensing model in collaboration with entrepreneurs
...Anwar pays tribute to Ling Liong Sik, says nation loses a ‘dedicated leader’
KUALA LUMPUR, April 5 — Prime Minister Datuk Seri Anwar Ibrahim has expressed condolences over the
...Genting Highlands restaurant charges RM902 for fish dish, draws KPDN scrutiny
KUALA LUMPUR, March 29 — A Genting Highlands restaurant has reportedly come under scrutiny after a group
...No tsunami risk to Malaysia after strong quake in Indonesia’s Banda Sea, says MetMalaysia
KUALA LUMPUR, March 29 — There is no tsunami threat to Malaysia following a strong earthquake
...
Australia’s Lynas announces planned shutdown of its operations in Malaysia, shares fall
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.
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.
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.
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.
