MELBOURNE Rare-earth miner, Lynas Corp Ltd, says the final testing of its rare earth refinery in Pahang is 64% complete at the end of June.
It estimated the final cost of the project has increased by about A$4 million (RM13.2 million) because of claims from sub-contractors and additional project management costs, the miner said in its quarterly report released yesterday.
It said the total cost on the first phase of the Malaysian plant was about A$652.8 million. The company completed building the first phase of the plant in three months to June 30 and is continuing work on the expansion of the project, which is scheduled for completion early next year.
Lynas also said the macroeconomic conditions in China remain relatively subdued as it said the price for rare earth has significantly fallen from last year's levels.
Lynas said Japan, the world's largest export market for rareearth, had also experienced soft manufacturing conditions, driven by weaker demand in the transport equipment, chemicals and general machinery sectors. Bernama
Resource: Malaysian Reserve, Page: 6
Date: Wednesday, 1 August 2012