Shares of Australian rare earths miner Lynas Corp surged by as much as 2 per cent as of 1315 AEDT on Tuesday over its latest win versus the protesters who are against the presence of its processing facility in Malaysia.
Japan and Jamaica on Monday have formally launched a pilot project to test the commercial viability of the island's bauxite waste, more known as red mud, for possible rare earth elements.
On Monday, the Malaysian Federal Court decided to uphold the decisions made by the nation's lower courts which called for the dismissal of the Save Malaysia Stop Lynas (SMSL) protest group's challenging the temporary operating licence (TOL) awarded to Lynas. Specifically, the group wants the TOL revoked.
"SMSL has now exhausted all avenues of appeal in the Malaysian Courts with respect to this challenge," Lynas said in a statement late on Monday.
The Federal Court's five-member panel, led by Chief Judge of Sabah and Sarawak Tan Sri Richard Malanjum, unanimously dismissed the group's petition, according to the New Straits Times.
The $800-million worth rare earths processing plant is the world's biggest outside China and has been precisely constructed to challenge the latter's dominance in the rare earths sector.
China supplies more than 95 per cent of the world's requirement for rare earths, vital elements needed to manufacture a number of emerging key- and future-technologies such as smartphones and hybrid cars.
Subject to several conditions, Lynas' rare earths TOL is effective for two years from Sept 3, 2012 to Sept 2, 2014.
It was in November 2012 that Lynas eventually fired up the operations of the rare earths processing plant.
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