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Malaysia approves temporary licence for Lynas rare earths plant
KUALA LUMPUR | Wed Feb 1, 2012 7:55am EST Feb 1 (Reuters) - Malaysia's Atomic Energy Licensing Board has conditionally approved a pre-operating licence for a $200 million rare earths processing plant being built by Australia's Lynas Corp, the board and the country's Ministry of Science said on Wednesday.
PETALING JAYA: The Atomic Energy Licencing Board (AELB) and the Science, Technology and Innovation Ministry (Mosti) have granted Lynas Corp its long awaited temporary operating licence (TOL) for its rare earth plant in Gebeng.
In a joint media statement this evening, AELB and Mosti said that the decision was made after taking into consideration public views and feedback on Lynas’ application permit.
The 300-page document was displayed for public viewing for three weeks beginning January 3 at various locations in Selangor and Pahang.
According to AELB, 334 people viewed the documents and 1,123 feedback forms were submitted as of January 26. The Board met on Monday where the decision to award the TOL to Lynas was made.
“The awarding of the TOL is subject to a number of conditions and will be suspended or revoked if those conditions are breached,and a reapplication will not be entertained,” said the statement.
“In addition to that, the residue management for as long as Lynas is under the TOL is the sole responsibility of the company which includes returning the residue to its original source if necessary.”
Conditional approval
AELB and Mosti have set out five conditions for the Lynas Advanced Materials Plant (LAMP). The first is that Lynas must submit all details of the Permanent Disposal Facility (PDF).
Second is for the plan and location of the PDF to be submitted regardless of the findings from research and development, commercialization, recycling and reuse of the residue.
Third is for the plan and location of the PDF to be submitted and be granted approval during the duration of the TOL and not exceeding 10 months from the licence awarding date.
Fourth is for Lynas to adhere to the terms of financial guarantee under the relevant laws and according to the recommendations made by Lynas (M) Sdn Bhd that US$50 million (RM150 million) be paid in installments to the Malaysian government.
And finally the Board has the right to elect an independent consultant to assess Lynas’ adherence to the standards and regulations that have been set. The cost of this consultant will be borne by the license.
Lynas last week announced that it has raised US$225 million (RM700 million) in bonds to complete Phase One of the plant and will be delaying operations to the second quarter of the year.
Edev, I don't really know what you are trying to explain - I had no problem voting with my broker Cortal Consors. They even called me back today to ensure everything I submitted was o.k. GLTY
My broker (Cortal Consors) is aware of the situation and is in contact with relevant institutions; up to now -email from today- the have no official communication /information from KCCLLC. I mailed KCCLLC yesterday and got a Ballot and additional paperwork from Peter Walsh by email.
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