Market and product

Lynas Corp Ltd said on Thursday Malaysia has approved a new three-year licence that allows the Australian miner to operate the only major rare earths processing plant outside of China.

The licence, valid until early March 2023, will allow it to continue processing rare earths at its $800 million plant in Kuantan, Malaysia, the company said.

Lynas added the licence was also subject to it building an operational cracking and leaching facility outside the country by July 2023 and developing a permanent disposal facility for low-level radioactive waste within the first year from the date of approval. - Reuters-