Lynas Rare Earths gets Malaysian license extension

Lynas Rare Earths Limited (ASX: LYC) has announced a variation to the license conditions for its Malaysian subsidiary, Lynas Malaysia. In response to Lynas' appeals, the Minister of the Ministry of Science, Technology and Innovation (MOSTI) has extended the license to import and process lanthanide concentrate until January 1, 2024. As a result of this license variation, the Lynas Malaysia cracking and leaching plant can continue to operate until the specified date, and there is no longer a requirement for the plant to shut down before that time.

Lynas had applied to the MOSTI Minister for the removal of conditions that limit operations at the facility as they did not follow the recommendations of the Malaysian Government's 2018 Executive Review Committee report or any of the three prior independent expert scientific reviews of Lynas Malaysia's operations. Lynas has invested heavily in the Malaysian facility and will seek further review of the conditions through legal avenues to ensure that the company is treated fairly and equitably as a Foreign Direct Investor and as a significant contributor to the Malaysian economy.

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