Shares of Australian rare earths miner Lynas Corporation jumped as much as 7.2 per cent in early morning trade at 1146 AEDT as the mining company disclosed its highly controversial processing plant in Malaysia continued to post significant progress in the production of the precious metals which are essential components to a number of technological advancements.
In a disclosure to the Australian Securities Exchange, Lynas announced it had successfully commissioned the cracking and leaching of rare earth extraction units at the plant. Stockholders rejoiced over the positive development, effectively creating a ripple effect on the company's share portfolio.
At 1212 AEDT, Lynas shares rose eight per cent higher at 67.5 cents, versus a benchmark index rise of 0.11 per cent.
The rare earths units have produced a sulphate that will be fed into extraction units for the eventual production of rare earth products, Lynas said.
With this, commercial rare earth products will be made "available in the next few weeks," as production ramps up over the next few months.
"The safe and efficient operation of the LAMP is now a reality, and we are providing real-time data that assures people the LAMP is entirely safe for our local communities and the environment," Nicholas Curtis, Lynas executive chairman, said.
Lynas further disclose the cracking and leaching process has produced sufficient quantities of solid residues, which are sufficient to begin the production of synthetic gypsum and aggregate co-products. These co-product samples will be further tested along with market trials before any eventual commercial off-take contract signing and selling could take place.