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Lynas sets start date for Malaysia rare earths output

Published on Nov 20, 2012 11:14 AM
 
A worker operates a machine inside the Lynas factory compound in Gebeng, 270km east of Kuala Lumpur, in this April 19, 2012 file photo. Australia's Lynas Corp expects to start processing rare earth minerals from a plant in Malaysia next month despite opposition from environmentalists over health concerns, the company said on Tuesday. -- PHOTO: REUTERS

SYDNEY (REUTERS) - Australia's Lynas Corp expects to start processing rare earth minerals from a plant in Malaysia next month despite opposition from environmentalists over health concerns, the company said on Tuesday.

The plant should be nearing full production of the minerals used across a range of high-tech products from mobile phones to state-of-the-art weaponry by mid-next year, according to Lynas chairman Nick Curtis.

Setting the timetable lifted Lynas shares, which have been hammered by concerns the plant was facing more delays, more than 8 per cent to A$0.69 (S$0.87). The broader market was up about 0.5 per cent, extending an overnight rally on Wall Street.

Activists linked to the group Save Malaysia Stop Lynas staged a protest during the company's annual general meeting in Sydney on Tuesday following the decision by a Malaysian court to lift a suspension on a temporary operating licence for the plant.

 
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