NGO's appeal dismissed: Lynas price soars
Shares in Australia's Lynas Corp jumped in early trading after the Malaysian government dismissed an appeal against its rare earth processing plant in Pahang.
Shares in Australia's Lynas Corp jumped in early trading after the Malaysian government dismissed an appeal against its rare earth processing plant in Pahang.
Lynas shares surged as much as 15 percent to A$1.01 and last traded at A$1.00.
On Friday, a statement from Malaysia's Science, Technology and Innovation Ministry, which considered the appeal, said there was "no strong justification nor scientific or technical basis" to set aside a temporary operating licence given to the plant in January.
The plant is seen as crucial to loosen China's grip on the global supply of rare earths, used in a range of products from smart phones to hybrid car batteries.
A series of delays to its start-up has rattled Lynas shareholders as the company waits to capitalise on high prices for the materials.
- Reuters
