Lynas Nearing Production of Rare Earths at Malaysian Plant
By Esther Tanquintic-Misa | January 31, 2013 5:32 PM EST
Australian rare earths miner Lynas Corporation Limited (ASX:LYC) has announced it is ready to come up with its first product samples by February, even as it has yet to win over one more pending legal battle concerning its Malaysian plant facility.
In its second quarterly report, in the three months to December, Lynas said it generated 15,200 dry tonnes of concentrate from its Western Australian operations, which contained 5,410 tonnes of rare earths oxide (REO) that are ready for export. At the same time, some of these rare earths concentrates have arrived at its Lynas Advanced Materials Plant (LAMP) in Malaysia.
"The commencement of operations at the LAMP represented a significant milestone for the company in its progress to becoming a major supplier of rare earths outside China," the company said.
Lynas continued to remain confident it would win over the last legal battle that it has over its Malaysian plant, which was for a judicial review of its operating license lodged by a local activist group.
According to Lynas, the case has been set to be heard next Tuesday, but was postponed to allow the Malaysian court deal with some "preliminary matters." The rare earths miner did not elaborate.
The company had forecast its first cash flow from the Malaysian plant will be in the 2014 financial year.
The facility in Malaysia refines ore concentrate for rare earth metals, which will be used to produce catalysts, nickel metal hydride batteries and permanent magnets. These are highly essential in manufacturing a number of emerging key- and future-technologies.
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