The world’s biggest supplier of rare earths outside of China is set to conduct planned shutdown of Malaysia operations, as it awaits court decision.
Lynas Rare Earths reported a 21.8 per cent fall in first-quarter revenue, dragged down by lower production, and is preparing to shut down all bar one of its operations in Malaysia in the December quarter.
But its remaining operations in the south-east Asian country will close from mid-November to upgrade the facilities, allowing some workers to assist with Lynas’ new rare-earths processing plant in Kalgoorlie in Western Australia. The WA operations were established in response toMinimal volumes of the rare earths, a key ingredient in wind turbines, electronics and military applications, will be processed in Malaysia during the shutdown, it said.
As part of the shutdown, Lynas will upgrade its downstream operations at Lynas Malaysia to increase production of neodymium-praseodymium to about 10,500 tonnes per annum.This upgrade will be essential if the High Court allows the continued import and processing of Lanthanide concentrate from January 1, Lynas told the market.
The Lynas downstream operations at Kuantan in Malaysia produced 1,526 tonnes of neodymium and praseodymium in the September quarter from rare earths mined at Mount Weld in WA.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX 200 LIVE: ASX to drop as risks drive oil, global bond yields higherAustralian shares are set to drop 1.2pc. Wall Street slides as Middle East tensions heighten. It’s jobs data day. Follow updates here.
Read more »
ASX: QAN: Proxy firm Ownership Matters tells Qantas investors to vote against Todd SampsonMarketing guru Todd Sampson is the next Qantas director who could feel the ire of shareholders at the company’s annual meeting next month.
Read more »
Before the Bell: ASX to drop, oil rises, US bond yields advanceAustralian shares are set to tumble 1pc at the open amid heightening tensions in the Middle East. Tesla, Netflix to report. October jobs data pending.
Read more »
ASX to fall after Wall Street declines amid rising Mideast risks; Oil climbsThe Australian sharemarket is set to open sharply lower after US stocks retreated as a deadly blast at a Gaza hospital complicated efforts to rein in the Israel-Hamas war.
Read more »
ASX to fall after Wall Street declines amid rising Mideast risks; Oil climbsThe Australian sharemarket is set to open sharply lower after US stocks retreated as a deadly blast at a Gaza hospital complicated efforts to rein in the Israel-Hamas war.
Read more »