Lynas Corporation
Lynas Corporation (ASX: LYC) is focused on becoming a producer of rare earths, and holds one of the richest deposit of rare earths in the world at Mount Weld in Western Australia.
Lynas Corporation updates market on claims regarding the Lynas Advanced Materials Plant
Thursday, February 23, 2012 by Proactive Investors
Lynas Corporation (ASX: LYC, OTC: LYSDY) has updated the market on claims made in Malaysia.
The company has recently been served with various documents relating to court proceedings against Malaysia’s Atomic Energy Licensing Board (AELB), the Malaysian Department of Environment (DOE) and Lynas Malaysia regarding the Lynas Advanced Materials Plant (LAMP).
The applicants in the proceedings are a group of individuals who live in the region where the LAMP is being constructed.
The application seeks the court’s permission to apply for review of the decision by the AELB to grant a temporary operating licence (TOL) for the LAMP (which was the subject of an announcement by Lynas on 2 February 2012).
The application also seeks to delay operational start up of the LAMP, pending the determination of the proceedings.
Lynas stated:
Lynas has complied, and will continue to comply, with the requirements of the Malaysian Government regulatory authorities in relation to the LAMP.
While Lynas respects the concerns of members of the community, it does not believe that there is any basis for the claims made in the proceedings. Lynas will take the necessary steps to vigorously protect its interests in relation to the orders sought in the proceedings.
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