Lynas Malaysia wins court battle
Australia’s Lynas Corp saw shares jump as high as 5.1 per cent on March 19 after the Federal Court of Malaysia upheld a decision to dismiss allegations of environmental negligence by a protest movement over a controversial mining project.
The $800-milllion rare earths plant in Kuantan, the capital of Pahang in Peninsular Malaysia, finally began production in November 2012 despite disputes that the Australian company was sidelining important safety and environmental measures.
The long-delayed project is considered important to breaking the stranglehold of the rare earth industry held by China, which maintains a 95- to 97-per cent share of global trade of the 17 minerals invaluable in the production of modern electronics.
Over the past decade, China has been responsible for undercutting rare earths production in the US, once the powerhouse of the industry, with Lynas Malaysia now looking to inch onto the scene.
The protest group, “Stop Lynas, Save Malaysia,” who incense themselves with the memories of the radioactive poisoning caused by a rare earths refinery in Bukit Merah nearly three decades ago, fear a reiteration of problems caused by improper management of radioactive materials generated through the manufacture of rare earths.
Speakers of the movement also claim that Australia, the source of the valuable minerals, is passing on the hazardous waste to Malaysia instead of keeping it on their soil.
Lynas has made attempts to allay fears using social media, stating on their Facebook page that Malaysia was chosen for logistical and economic reasons.
On February 27, Lynas announced that it had produced its first batch of sellable rare earths.
Australia’s Lynas Corp saw shares jump as high as 5.1 per cent on March 19 after the Federal Court of Malaysia upheld a decision to dismiss allegations of environmental negligence by a protest movement over a controversial mining project. The $800-milllion rare earths plant in Kuantan, the capital of Pahang in Peninsular Malaysia, finally began production in November 2012 despite disputes that the Australian company was sidelining important safety and environmental measures. The long-delayed project is considered important to breaking the stranglehold of the rare earth industry held by China, which maintains a 95- to 97-per cent share of global...
Australia’s Lynas Corp saw shares jump as high as 5.1 per cent on March 19 after the Federal Court of Malaysia upheld a decision to dismiss allegations of environmental negligence by a protest movement over a controversial mining project.
The $800-milllion rare earths plant in Kuantan, the capital of Pahang in Peninsular Malaysia, finally began production in November 2012 despite disputes that the Australian company was sidelining important safety and environmental measures.
The long-delayed project is considered important to breaking the stranglehold of the rare earth industry held by China, which maintains a 95- to 97-per cent share of global trade of the 17 minerals invaluable in the production of modern electronics.
Over the past decade, China has been responsible for undercutting rare earths production in the US, once the powerhouse of the industry, with Lynas Malaysia now looking to inch onto the scene.
The protest group, “Stop Lynas, Save Malaysia,” who incense themselves with the memories of the radioactive poisoning caused by a rare earths refinery in Bukit Merah nearly three decades ago, fear a reiteration of problems caused by improper management of radioactive materials generated through the manufacture of rare earths.
Speakers of the movement also claim that Australia, the source of the valuable minerals, is passing on the hazardous waste to Malaysia instead of keeping it on their soil.
Lynas has made attempts to allay fears using social media, stating on their Facebook page that Malaysia was chosen for logistical and economic reasons.
On February 27, Lynas announced that it had produced its first batch of sellable rare earths.
