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

Company News

by Rachael Jones

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$2.205 $0.053 2.47%
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Last Updated: 19/02/2020 11:26 AM

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.