The Australian Government has awarded rare earth producer, Lynas Corporation (ASX:LYC)
Major Project Status to establish its new processing plant in Kalgoorlie, Western Australia.
The status provides a single entry point for Commonwealth Government approvals as well as project support, coordination and assistance with State government approvals.
The company says the Lynas project will be a foundation for the development of infrastructure in Kalgoorlie, including utilities and the production of chemicals used in minerals processing beyond the rare earths industry.
Shares in Lynas Corporation (ASX:LYC)
closed 1.86 per cent higher at $2.19 on Friday.