In the face of more controversy Lynas Corporation Limited
(ASX:LYC) has affirmed the validity of its temporary operating license and ability to continue operations at its $800 million Malaysian plant.
The confirmation comes after four Malaysian government ministers threatened to suspend or revoke the rare earths producer’s license if it fails to export the waste generated from its facility.
Under the terms of the license Lynas says it is required to undertake research on the commercialisation, recycling and re-use of residue materials from the plant as well as submit plans for a permanent disposal facility before mid 2013.
The company has also vowed to ensure all residue material of concern to the Malaysian public will be converted into co-products and exported from Malaysia if the co-products are not approved for use in Malaysia and an acceptable location for the disposal facility is not approved.
Shares in Lynas Corporation last traded at $0.605 before being placed into a trading halt yesterday.
Lynas Corporation booked a net loss of $87.8 million in the 2012 financial year.
