Lynas Corporation Limited’s (ASX:LYC) Malaysian subsidiary will inject up to $US210 million to ramp up construction at the rare earth producers planned Malaysian refinery.
Lynas Malaysia has signed a letter of award with Thai engineering company Toyo-Thai Corporation for engineering, procurement construction and commissioning assistance of the Phase 2 expansion of the Lynas Advanced Materials Plant.
Subject to the receipt of approvals, Phase 2 is scheduled to be completed in the last quarter of 2012. Phase 1 is due for competition by the end of 2011.
Lyans’ planned Malaysian refinery has been the subject of scrutiny and protests from community and environmental groups, who believe it poses a toxic threat to the residents and land surrounding the site.
Lynas Corporation booked a net loss of $20.5 million in the first half of its 2011 financial year.
