Lynas Corporation Limited’s (ASX:LYC) rare earths resource in the African country of Malawi has been struck with a dispute concerning exploration licences.
Lynas completed its $US4 million purchase of the Kangankunde Carbonatite Complex in March 2011 and at the time outlined plans to ramp up the site’s development.
The rare earths developer has today announced that a previous holder of exploration licences is disputing the lapse of their rights.
The previous owner, who has not been named, now claims the Government of Malawi acted incorrectly by not renewing its licence to the Kangankunde tenements in 2003.
Lynas says it will continue to keep the market informed on developments.
In the 2011 financial year Lynas Corporation recorded a net loss of $59 million.
