Lynas Corp (ASX:LYC) secures site for waste treatment plant in Malaysia

Company News

by Rachael Jones

Rare earths Lynas Corp (ASX:LYC) says the Malaysian state of Pahang has approved a permanent disposal site for waste treatment, fulfilling one of the key conditions for continuing its operations in the country.

Lynas, the only major proven producer of rare earths outside China, added that Gading Senggara Sdn Bhd has been appointed as the contractor to manage the project for $98 million.

Lynas Malaysia has appointed Gading Senggara Sdn Bhd (“GSSB”) as the contractor to manage the entire project for $98 million .

They are a significant Malaysian business conglomerate whose business units include aerospace, defence, maritime, development & construction, energy & commodity & trading, and oil & gas.

Shares in Lynas Corp (ASX:LYC) closed -2.72 per cent lower at $2.15 yesterday.