Lynas update, December 2012

Lynas update, December 2012

Lynas Corporation are now on their fourth trading halt in five weeks. Lynas have recently been pressured in a joint statement from four Malaysian cabinet Ministers on Monday 10th of December. The release stated that the temporary license granted to Lynas required it remove all the residue from the plant out of Malaysia. If this is not achieved the Malaysian atomic energy  licensing board is empowered to suspend or revoke the TOL. The Lynas Advanced material plant was given a TOL without even having a proper waste management plan, which is not the best way to run business for a sustainable leader in modern technologies.

In September Lynas corporation applied to the Australian radiation and nuclear safety agency (ARPANSA) to have the radioactive waste produced at the plant to be exported back to Australia. They did not succeed with the application, as Australian laws do not inhibit the importation of radioactive waste materials.

Lynas have since been trying to move forward with their plan b for there waste management and that is to create "Synthetic aggregate" This aggregate is to  be comprised of radioactive waste diluted with building materials such as bitchumin and or concrete and to be sold for building materials - at this stage Lynas have not found a buyer of their waste materials. One would hope no country would take the waste, it wouldn't be surprising if there is a push for a sum of money to be exchange for a country to host such waste.

Friends of the Earth understand rare earths are a crucial part of the 21st century but we by no means support operations in neighboring countries by Australian companies that are unable to go through the proper channels of community consultation and stringent scientifically approved waste management plans.

Chronology of events

20 September: 50 people gather at Lynas Corporations office in
Sydney to protest Lynas TOL approval.  Greens NSW MP Jamie Parker joins the group to express his solidarity with the anti-Lynas campaign54

25 September: Court suspends Lynas corporations Temporary Operation License (TOL) and the share price begins to drop again. Malaysia groups vow to continue on until Lynas leaves Malaysia

4th of October: Court postpones hearing and the suspension remains on the Lynas TOL, Concerned Malaysians have ask for a delay in proceedings until 10th October

10 October: Kuantan court delayed the court proceedings again until November 8th the operating license still remains suspended and the share prices dips down again to another low of
0.69 cents

12 October: Malaysian atomic energy agency licensing board may have failed their
public duty in providing sustainable safe approval of LAMP

1 November: Nicholas Curtis speaks at an event at the Sydney Mining Club. The company acknowledges most of the issues that have occurred with LAMP and the community opposition against the plant. Friends of the earth campaigner and concerned Malaysians attended the event to ask the chairman questions in relation to the project.
8 November: Lynas shares are placed on an investor trading halt and that
afternoon Kuantan court rules in favour of Lynas and the suspension of the TOL
is lifted

9 November: Lynas need to raise much capital to even continue with the plant,
as the past few months have adversley affected the Lynas capital

16 November: Another appeal is lodge and Lynas shares drop from the uncertainty of the project down to another low of 60 cents

18 November: A Delegation of 19 strong self funded Malaysians arrive in Sydney to appeal to the government and community about their concerns associated with Lynas corporations operations in Malaysia

20 November: Malaysians with the support of Friends of the Earth and local community groups and greens stage a protest out the front of the Lynas corporations Annual General Meeting (AGM) of shareholders at the Sofitel Sydney members from the Save Malaysia Stop Lynas group from Malaysia and Friends of the Earth campaigner entered the AGM to ask questions to the board.

22 November Lynas announces 100 containers of rare Earth ore concentrate had arrived in Kuantan. Members of SMSL, Friends of the Earth and community groups are concerned by Lynas secrecy in exporting the ore out of WA. Until Nov 8th the TOL had been suspended again. It is estimated the Ore shipment would take 4 to 5 weeks and need to go via Singapore - Assuming this is the case the WA Government allowed Lynas corporation to export ore out the backdoor of WA without a current operating license in Malaysia.

30 November Lynas release a press statement that they are loading the first feed to kiln at the Lynas advanced material plant.

1st December Reports from the plant state Lynas are having issues getting the plant running and have been unsuccessful into running the first feed to kiln

7 December Following the lifting of the interim injunction of the TOL by the Kuantan High Court on the 8th Nov, SMSL filed a appeal days later to seek the reinstatement of the interim injunction. The court was presented with evidence from Lynas, which was not know by SMSL. The case was adjourned until Dec 19th.

10 December Four cabinet Ministers of the Malaysian Ministry of International trade and industry released a joint statement stating if the rare earth producer must export the waste from its new processing plant in Kuantan otherwise its operating license could be revoked. If Lynas fail to comply with this condition, their TOL could be suspended or revoke the license and order Lynas to cease operation immediately.

11 December Lynas corporation are using the term 'synthetic aggregate' to experiment diluting radioactive waste materials into building materials to be exported and used as building materials and for roads eg Bitumen roads, cement for buildings