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Friday, November 30, 2012

Shares jump as Lynas kicks off rare earths production


Shares in Australian rare earths producer Lynas Corp rose as much as six percent after announcing it has started operations today at its long-delayed Gebeng processing plant. 
Lynas said the first feed to kiln and commencement of operations were now under way at the Lynas Advanced Materials Plant (Lamp).       

NONE“Lynas is pleased to announce that the first feed to kiln is under way and the operation of the Lamp in Malaysia is now a reality. This is a significant milestone for us,”

“We are excited to start creating value at the Lamp, and we look forward to sharing that value with all of our key stakeholders, including the communities in which we operate." Lynas executive chairperson Nicholas Curtis said in a statement.

It also anticipated a ramp-up period of three to four months until its first commercial sale and subsequent cash generation.       

The US$800 million (RM24.6 million)  plant - the world's biggest outside China - has been ready to fire up since early May, but had been delayed by environmental and safety disputes.       

According to a Reuters report, Lynas shares were up 4.4 percent to A$0.71 (RM2.25) by 7.14am Malaysian time, but are still well below levels above A$1.50 (RM4.77) at the start of the year. 

Meanwhile according to the official Lynas Facebook page, the plant has erected an e-display board at Lamp’s gatehouse to provide real time data about air and water quality.  

“(It is to) assure that the Lamp is entirely safe for our local communities and the environment.”

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