MELBOURNE: The shares or Lynas Corporation surged by more than SO per cent in early trade after the rare earths miner was granted a temporary licence for its US$800 million (RM2.5 billion) rare earths refinery plant in Kuantan, Pahang.
After the close of Wednesday's trading session, the company said the Malaysian Atomic Energy Licensing Board had issued a temporary operating licence (TOL) for its advanced materials plant.
At 10.40am (Melbourne time) yesterday, Lynas shares were 50 per cent higher at A$0.91 (RM2.90) before dropping back to A$0.78 at 11.10am, the Australian Associated Press reported. The long-delayed plant has been opposed by environmentalists concerned about potential radioactivity risks. The plant will process rare earths from the Lynas Mount Weld mine in Western Australia.
At present, China produces about 95 per cent of the world's rare earth materials, which are vital for many electronic products.
At the Australian Securites Exchange here, Lynas shares closed at A$0.84, a 42 per cent increase from the previous day of A$0.59, with 163 million shares traded. Bernama
Resource: The New Straits Times, Page: 9
Date: Friday, 7 September 2012