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Lynas Corporation Expects to Start Processing Rare Earth Minerals From a Plant in Malaysia

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Core Tip: Reuters reported that Australia's Lynas Corporation expects to start processing rare earth minerals from a plant in Malaysia next month despite opposition from en

Reuters reported that Australia's Lynas Corporation expects to start processing rare earth minerals from a plant in Malaysia next month despite opposition from environmentalists over health concerns.

Mr Nick Curtis chairman of Lynas said that 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.

Setting the timetable lifted Lynas shares, which have been hammered by concerns the plant was facing more delays more than 8% to AUD 0.69. The broader market was up about 0.5%, 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 following the decision by a Malaysian court to lift a suspension on a temporary operating licence for the plant.

Mr Curtis said that "By the second half of calendar 2013, we expect to be moving towards full production capacity and have a business that has the potential to deliver sustainable and predictable earnings.”

The USD 800 million plant the world's biggest outside China has been ready to fire up since early May but Lynas has been delayed by environmental and safety disputes. Massive quantities of super heated sulphuric acid are required to separate the rare earth elements from impurities found in the ore.

 
 
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