Rare Earths Miner Lynas Pushes A$25M Share Purchase Plan
By Esther Tanquintic-Misa | December 10, 2012 3:08 PM EST
Existing shareholders of Australian rare earths miner Lynas Corp continued to express support to the mining company by agreeing to its share purchase plan even as its beleaguered processing plant in Malaysia continued to face strong opposition from the community on which the facility is located.
Lynas on Monday announced shareholders agreed to support the share purchase plan it announced last month, where it expects to raise A$25 million. The amount, the company said, will be used to support working capital requirements as well as general corporate purposes during the commissioning and ramp-up operations at the Lynas Advanced Materials Plant in Malaysia.
Last week, the Australian rare earths mining company said its controversial plant is in the limelight after its main antagonist, the activist group Save Malaysia Stop Lynas (SMSL), again filed for a court application before the Malaysian Court of Appeal to stop Lynas from operating its $800 million rare earths processing plant in Kuantan, Malaysia.
SMSL had obtained a court date, set on December 19.
The Lynas Advanced Materials Plant (LAMP) in Kuantan, Malaysia started its first feed to kiln in late November. It anticipates a ramp-up period of three to four months until first commercial sales and subsequent cash generation.
In early November, when the Malaysian High Court ruled in favor of Lynas, which ultimately released the controversial temporary operating license to the hands of the rare earths miner, it said that the arguments of SMSL of environmental hazards "are premature because the plant is not in operation yet."
SMSL had vowed to continue its fight against the rare earths miner and its processing plant.
To contact the editor, e-mail:
Most Popular Slideshows
- Prince Harry & Camilla Thurlow Getting Serious, St. Tropez Holiday Before The Prince’s 30th Birthday [PHOTOS]
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Chris Martin Getting Serious With Jennifer Lawrence, Actress Joining Coldplay Tour [PHOTOS]
Join the Conversation
- Europe, US Next on ISIS’ Hit List, Says Saudi King; Seized ISIS Laptop Reveals Terrifying Bio-Warfare Plans
- Australia Races Against Potential Genocide In Iraq
- Ukraine Crisis: Putin Dangles Nuclear War Threat, US Senators Advise Sending Defensive Weapons
- James Foley Is A Spy – Jihadi Recruiter Reveals
- Kiwi Couple Sues Lawyers for Denial of Holiday Perk in Luxury Resort
- Apple iPhone 6 Actual Release Date after September 9 Confirmed 128GB Variant with New Resolution
- Moto G2 Release Roundup: Specs, Pricing, and Release Date Details
- PlayStation 4 Killing Xbox One Costing Microsoft Millions But It's Fine
- Google Chrome 64-bit for Windows 8 and Window 7 with Mac Beta Available
- Apple iOS 8 vs Android 5.0 L: OS Wars Puts Android to Lower while Apple to Higher
- Nexus 6 on Release Date Confirmed with Phablet-Size Display as FCC Filing Hints of 5.9-Inch Screen
- Pricey iPhone 6 on Release Date Likely but with 3X Retina Resolution & Mobile Payment Service – Reports