Malaysian Prime Minister Mahathir Mohamad has confirmed that the removal of potentially radioactive water leach purification (WLP) residue from the country would not be required as a condition of its Malaysian license renewal.
A major win for Lynas Corporation, share price flew up more than 6% after making an announcement this morning.
However, the company is still awaiting formal notification from the government on the operating license renewal.
The license is due to expire on September 2.
Lynas has also been instructed by the government to construct a permanent disposal facility to treat the residue created from rare-earth processing. Lynas is is one of the world’s largest producers of rare earths outside of China. Rare earths are minerals which are used as a raw material to create many of the electronic devices we use each day.