Malaysian regulators renewed an operating license for Lynas Rare Earths' unit, the Australian company said on Tuesday, but they retained conditions that will prevent Lynas from importing and processing rare earths concentrate after July 1.
The decision raises the prospect of an interruption to supply of neodymium and praseodymium which are used in magnets as crucial components of everything from iPhones to weapons systems, later this year.
“We will now proceed with administrative and legal appeals to ensure that Lynas is treated fairly and equitably as a Foreign Direct Investor and a significant employer and contributor to the Malaysian economy."Lynas had applied to Malaysia's regulator for the conditions to be removed because they "represent a significant variation from the conditions under which... Lynas made the initial decision to invest in Malaysia," it said.
Lynas ships rare earths concentrate to Malaysia from its Mount Weld operations in Central Australia where it is building the processing plant in the town of Kalgoorlie to add capacity and mitigate Malaysia's regulatory risk.
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