Lynas Corporation Limited
(ASX:LYC) has announced that it has secured a temporary operating licence for its rare earths refinery in Malaysia, the Lynas Advanced Materials Plant (LAMP).
The licence, valid for two years, has been granted from Malaysia’s Atomic Energy Licensing Board and contains a number of conditions including paying the government $US50 million as a financial guarantee.
If the rare earths developer complies with all requirements of the current licence it may be issued a permanent operating licence.
Lynas Chairman Nick Curtis says the licence comes after an extensive review by Malaysian Government regulatory authorities.
Mr Curtis says the company recognises its responsibility to the community to operate the plant in a safe and sustainable manner.
Lynas advised last month it expects first feed to kiln and first production will occur in the second quarter of this year.
Shares in Lynas rose 0.75 per cent yesterday, closing at $1.34.
In the 2011 financial year Lynas Corporation booked a net loss of $59 million.
