Shares in Australian miner Lynas soared Thursday after Malaysia gave the green light for a controversial rare earths plant to be be built despite fears it could produce harmful radioactive waste.The facility, which is near completion in the eastern state of Pahang, is set to become one of the few sites outside China to process rare earths -- metals used in high-tech equipment ranging from missiles to mobile phones.
Michael Bryant submits:Unrest in the Middle East, the European debt crisis and the rising global economy will put pressure on commodity prices. Rare earth stocks, vanadium miners and related Chinese miners have been in a correction since their run up late last year. Molycorp (MCP) fell from $62 to $45 earlier this month and is now at $53. Rare Earth Recourses (
A team of UN atomic energy experts began a week-long visit to Malaysia on Sunday to review the safety of a proposed Australian rare earths refinery that has drawn protests.Following public concerns that radioactive waste from the plant could leak out and harm the environment, Malaysia has put the project by Australian miner Lynas on hold, pending the independent panel's review.
Australian rare earths miner Lynas has launched legal action against the most vitriolic opponents of its proposed plant in Malaysia following fierce criticism that it is unsafe.Lynas plans to start production soon in eastern Pahang state to process rare earths imported from Australia, effectively breaking the Chinese stranglehold on the materials.But the plant has been hugely controversial with fears it will harm the environment by producing radioactive pollution.
A Malaysian court has dismissed a bid to stop a rare earths plant run by Australian miner Lynas from going online over fears it will harm the environment by producing radioactive pollution.The Kuala Lumpur High Court on Thursday declined to hear a challenge against the plant, which is due to start production soon in eastern Pahang state.Lynas intends to process rare earths -- elements used in such products as smart phones, wind turbines and missiles -- imported from Australia.
Article written by Prieur du Plessis, editor of the Investment Postcards from Cape Town blog.Gold, silver and rare earths are three markets being widely followed at the moment. I am bullish on all three, but only a buyer on pullbacks. Notwithstanding the prospect of somewhat slower economic growth over the next few months, China and a number of other Asian countries will keep buying gold and silver. These purchases should provide a floor to price declines – an “Asian put” so to speak.
By StockMarketPundits:Within all of the market turmoil, there appears to be a bright spot within the rare earths arena. Many of the big rare earth players have been picking up steam for a week or so, but as the rest of the market has sagged, their strength has only increased. As strange as it appears, this could be the beginning of another powerful leg up assuming the US Congress comes together to pass a debt resolution and avoid default.