Mount Weld
In May 2009, Lynas was offered funding of $252 million by the Chinese state-owned China Non-Ferrous Metal Mining (Group) Co., which would have taken a 51.6% stake in the company. However the deal was scrapped by Australia's Foreign Investment Review Board on concern it would threaten supply to non-Chinese buyers. Lynas later raised $450 million in a share sale.[5]
In November 2010, it signed an agreement with the Japanese rare-earths trading company Sojitz to export €450 million Euros worth of rare-earth minerals from its mine in Mount Weld.[6]
Crown deposit
In April 2011, Lynas was attempting to sell its Crown polymetallic deposit (which is particularly prospective for niobium) at Mount Weld to Forge Resources. Forge, a company listed on the ASX, also shared the one common Director and CEO of Lynas, Nicholas Curtis, (Lynas current CEO is Amanda Lacaze) although former Lynas executive director Harry Wang was also involved with Forge and the transaction. In a 2007 Company presentation, Lynas claimed that the Crown deposit was worth $50 billion[7] but have valued it at $20.7 million for sale to Forge. Curtis as a director of Forge would receive a 24,000,000 performance shares if the deal between Lynas and Forge proceeds. Certain commentators and journalists have called into question the regulatory oversight of the Australian Securities & Investments Commission (ASIC) as to the legality of such a proposal, but were proven to have been uninformed or alarmist because the proposal was always subject to the approval of independent shareholders at an Extraordinary General Meeting (EGM).[8] The EGM was cancelled by Lynas after shareholder opposition to the proposal became apparent, and the Crown polymetallic deposit remains owned by Lynas.
Crown deposit
In April 2011, Lynas was attempting to sell its Crown polymetallic deposit (which is particularly prospective for niobium) at Mount Weld to Forge Resources. Forge, a company listed on the ASX, also shared the one common Director and CEO of Lynas, Nicholas Curtis, (Lynas current CEO is Amanda Lacaze) although former Lynas executive director Harry Wang was also involved with Forge and the transaction. In a 2007 Company presentation, Lynas claimed that the Crown deposit was worth $50 billion[7] but have valued it at $20.7 million for sale to Forge. Curtis as a director of Forge would receive a 24,000,000 performance shares if the deal between Lynas and Forge proceeds. Certain commentators and journalists have called into question the regulatory oversight of the Australian Securities & Investments Commission (ASIC) as to the legality of such a proposal, but were proven to have been uninformed or alarmist because the proposal was always subject to the approval of independent shareholders at an Extraordinary General Meeting (EGM).[8] The EGM was cancelled by Lynas after shareholder opposition to the proposal became apparent, and the Crown polymetallic deposit remains owned by Lynas.
Lynas Advanced Materials Plant
The Lynas Advance Materials Plant (LAMP) near Kuantan, in the Malaysian state of Pahang is the world's largest rare earth extraction plant outside of China.[9] The $800 million plant[2] began operations in 2012. The plant produces radioactive waste.[3]
On 5 September 2012, Lynas was awarded a temporary 2-year operating licence by Malaysia's Atomic Energy Licensing Board despite concerns about lack of a long term disposal plan for its waste.[10] By February 2023, the plant had produced over one million metric tons of radioactive waste.[3]
Community opposition
Kuantan MP Fuziah Salleh raised concerns about risks from the plant in the Parliament of Malaysia since 2008.[11] A civil society group "Concerned Citizens of Kuantan" was formed in December 2008 to voice concerns about the plant.[12]
In early March 2011, an article published in the New York Times raised the public awareness concerning the LAMP.[13][14] Community opposition evolved into a bigger group called Save Malaysia Stop Lynas (SMSL) under the leadership of Bentong MP Wong Tack.[15]
An Australian Greens MP, Robin Chapple, denied Lynas Corp's attempt to ship radioactive waste from Malaysia back to Western Australia saying that the Western Australia Nuclear Waste Storage (Prohibition) Act 1999 forbids the import of radioactive waste.
Permitting
In 2020, LAMP received a 3-year operating licence. The permit required Lynas to move their cracking and leaching facilities outside of Malaysia before July 2023, to stop importing radioactive material, and come up with a permanent disposal plan for wastes.[2] On 30 December 2021, Lynas announced it had secured environmental approvals from Malaysian authorities to build a permanent disposal facility for water leached purification residue at Gebeng industrial estate.[24]
In February 2023, the Malaysian government required Lynas to stop operating the cracking and leaching portion of the plant, because they were still generating radioactive waste. They also renewed permitting for other activities for an additional 3 years.[3]
