Lynas sets start date for Malaysia rare earths output
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.