Lynas Corp Says Can Meet Malaysia Licence Conditions

SYDNEY - Australian mining company Lynas Corp. (LYC.AU) said it is able to meet new conditions imposed by Malaysia on a temporary licence the company is seeking to operate a rare-earths refinery in the country.

Malaysia's science minister Friday rejected an appeal by three residents aimed at blocking the license, but announced a number of additional conditions including an obligation on Lynas to submit plans for dealing with any radioactive waste to the Atomic Energy Licensing Board.

"Lynas has readily available solutions to satisfy the new conditions announced by the minister," the company said in a statement to the Australian securities exchange. It said a parliamentary select committee report on the matter will now be tabled and debated.

Lynas is building a rare-earth refinery in the eastern state of Pahang, where it intends to process material extracted from its Mount Weld deposit in Australia. The company has faced opposition to the project from activists and politicians because of the perceived environmental hazards from radioactive waste.

At 0017 GMT, Lynas' shares traded up 13% at 99.5 Australian cents a share.

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