Shares in Lynas Corporation Limited (ASX:LYC) shed almost 10 per cent of their value yesterday after reports emerged that the rare earths developer had been refused a licence to import rare earths ores into Malaysia.
Lynas is planning to ship rare earths concentrate from its Mt Weld mine in Western Australia to its Malaysian refinery.
Reports emerged yesterday that the Malaysian Government said that, ''Lynas was neither issued a license… nor does it qualify yet for a permit to import rare earth ores into Malaysia”.
Lynas addressed the speculation just before the market closed, telling the Australian Securities Exchange that as far as it was aware Malaysian authorities had made no decision concerning the pre-operating license and importation of rare earths ores into the country.
Lynas also advises that no decision is expected to be made for some weeks.
Yesterday shares in Lynas shed 9.92 per cent, closing at $1.09.
In the 2011 financial year Lynas Corporation booked a net loss of $59 million.
