RARE earths producer Lynas Corp said it may be forced to close down its Malaysian processing facility in six months after admitting that conditions imposed by Putrajaya for the renewal of its operating licence are “unachievable”, reports The Australian.
Last December, the government announced rules requiring Lynas to remove 450,000 metric tonnes of radioactive waste, or water leach purification (WLP) residue, out of the country by September 2 this year, which is when its licence expires.
At a meeting with the company’s auditors yesterday, Lynas CEO Amanda Lacaze said the conditions are “unachievable”.
The company’s board also signed off on the latest accounts, where auditors warned that material uncertainty over Lynas’ ability to continue operating in Malaysia is a growing concern.
Lynas shares fell almost 10% immediately after the release of the result, before recovering late in the day to close 2% lower at A$1.76 (RM5.09) a share.
Lacaze told the Aussie newspaper that the board made an informed and carefully considered decision to sign off on the latest accounts, but maintained that she believes Lynas has a future in Malaysia.
She blamed the current challenges to “a small minority” of politicians and activists who oppose the company’s operations.
“We recognise there is a small minority who make a lot of noise.”
Yesterday, Lynas said it has appealed against the WLP conditions, and is engaged in discussions with Putrajaya but has yet to receive an update on its appeal.
The company registered a plunge in its half-year profits for 2018, citing “difficult regulatory and market conditions” as the main reason for the poor showing.
Net profit in the six months ended December 31, 2018 fell 63% to A$19 million from A$50.8 million in the same period in 2017.
Earnings before interest, tax, depreciation and amortisation fell 39% to A$50.8 million from A$83 million in the year-earlier period, the company said in a statement to the Australian stock exchange.
Last December, Lynas temporarily shut down production at its plant in Kuantan after failing to secure government approval for an increase in annual production.
One of the firm’s key products, neodymium and praseodymium, or NdPr, is a component in industrial magnets, which are extensively used by makers of electronics and vehicles. – March 1, 2019.
Comments
Posted 5 years ago by Concerned Citizen · Reply
Why don't you actually read the report sanctioned by your own government?
Here it is. Here is the report.
https://www.mestecc.gov.my/web/en/laporanlamp/
It completely exonerates the company - IT shows that it is clean,
honest and ethical - and shows that your accusations are based
only on fear and hysteria. YOU are destroying innocent people
based on your arrogance. You have no excuse. The report has been
available for months.
Read it.
Or are scared that you will be exposed as a liar and a hypocrite?
Posted 5 years ago by Michael Valentine · Reply
Posted 5 years ago by Mahsuri Smiles · Reply
There is none, except the lie that exists in your own mind.
You make up lies out of bigotry and fear and then you actually
believe your own mendacity.
Here is the report.
https://www.mestecc.gov.my/web/en/laporanlamp/
This is the report that your own government made to try to
discredit the company. And the report states outright that
the company is not a danger, that the threats of radiation
contamination are a hoax, and that the Malaysian public has
been misled.
Go ahead and read it.
I bet that you don't.
You don't have the courage to admit you are wrong.
Posted 5 years ago by Michael Valentine · Reply
Posted 5 years ago by Anak Kampung · Reply
You already admitted your ignorance. The only thing you have left is paranoia.
And to answer your last question, they didn't build in Australia because they made a business decision based on tax incentives that you gave them.
Your arrogance and your xenophobia is stark.
You waited three months for the government report to be issued (December 2018).
The report said the company is clean.
I read the report. Did you?
Posted 5 years ago by Michael Valentine · Reply
Posted 5 years ago by Michael Valentine · Reply
Posted 5 years ago by Beng Choon Lim · Reply
First you lie about radioactive waste.
Then you break contract and skip two steps
in the management of WLP. You broke contract,
not them. And then after breaking contract you force
them to remove waste. Then you force them to remove
all of it by a deadline that is impossible. When they say
it cannot be done by September, you accuse them of simply
refusing to remove the waste at all.
You really are a cheat and a liar. First you break contract.
Then you make a deadline that is impossible. Then you make
accusations of negligence.
I'll make you a bet. I'll bet you didn't read the government report
either.
https://www.mestecc.gov.my/web/en/laporanlamp/
Posted 5 years ago by Michael Valentine · Reply
Posted 5 years ago by Teruna Kelana · Reply
Then the government will tax you to pay for severe corporate damages - due to political
corruption and misuse of authority.
But the best part is that you will now fall under Chinese influence. The Australians
are done with you. The Japanese are done with you. The only thing left is China.
And they will use you, chew you up and spit you out. And the best part is, you
brought it on yourself.
Posted 5 years ago by Michael Valentine · Reply