Australia's Lynas awaits Malaysia license renewal for rare earths plant

Credit: REUTERS/LIM HUEY TENG

Australian rare earths miner Lynas Corp on Thursday said it has not received any notice on the renewal of its operating license for a rare earths processing plant in Malaysia.

Feb 13 (Reuters) - Australian rare earths miner Lynas Corp LYC.AX on Thursday said it has not received any notice on the renewal of its operating license for a rare earths processing plant in Malaysia.

Lynas was responding to a media report that its renewal had been approved. The company said it has submitted its renewal documentation and still awaits a decision by the regulator.

The license renewal has been agreed in principle by the cabinet and would be valid until March 2023, news website MalaysiaKini had reported on Wednesday, citing a source familiar with the matter.

Malaysia in August granted Lynas a six-month renewal on the license for the plant in August with new conditions. That license is set to expire in March, and the miner has said it is on track to get it renewed next month.

Shares of Lynas rose as much as 10% in early trade, for their best daily performance in two months.

(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Tom Hogue)

((Shriya.Ramakrishnan@thomsonreuters.com; +91 8061822842 ;))

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