Need for awareness on what Lynas will do with its rare earths radioactive trash
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How Trump has accidentally helped Australian miner Lynas, SMH, By Elizabeth Knight, May 22, 2019 Wesfarmers’ attempt to buy Lynas Corp on the cheap appears to be dead after a combination of US President Donald Trump’s trade wars and the announcement of expansion plans by the rare earths group sent its share price soaring above the Perth-based conglomermate’s indicative offer price on Tuesday.
Lynas said it will spend $500 million by 2025 on value added processing in the US and Malaysia as well as setting up a processing plant in Western Australia, near its Mt Weld mine, to extract radioactive waste from its rare earths before it is shipped to Malaysia.
“Our plan is to invest in upstream processing close to our source (Mt Weld), with downstream processing close to our customers,” Lynas chief executive Amanda Lacaze said with reference to the Malaysian plant and expansion plans in the US announced on Monday. Lynas offered little clarity on whether this will ensure its Malaysian operations will be able to continue operating when its current licence expires in September, but it did not matter.
News emerged early Tuesday of China’s President Xi Jinping visiting a rare earths factory in China on Monday, in what could signal his intent to use China’s dominance of this market as a weapon in the trade wars. Lynas is the only significant rare earths producer outside of China. Lynas also indicated it can fund the expansion without raising money from investors…… News emerged early Tuesday of China’s President Xi Jinping visiting a rare earths factory in China on Monday, in what could signal his intent to use China’s dominance of this market as a weapon in the trade wars. Lynas is the only significant rare earths producer outside of China.
Lynas also indicated it can fund the expansion without raising money from investors……. https://www.smh.com.au/business/companies/lynas-trumps-wesfarmers-bid-with-its-expansion-plans-20190521-p51pic.html
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