March 26, 2013 / 7:11 AM / in 5 years

CORRECTED-Shares in Australia's Lynas jump after Malaysian court win

(Corrects throughout to clarify that the dismissed appeal was brought by the Stop Lynas Coalition (SLC), not Save Malaysia Stop Lynas (SMSL). Removes quote from Lynas that SMSL has exhausted all avenues of appeal.)

SYDNEY, March 19 (Reuters) - Shares in Australia’s Lynas Corp jumped as much as 5.1 percent on Tuesday after the company said a Malaysian court had dismissed a challenge by protesters against its long-delayed rare earth processing plant.

The $800 million rare earth plant - the world’s biggest outside China - finally began production in November after lengthy environmental and safety disputes with local residents and the Save Malaysia Stop Lynas (SMSL) and Stop Lynas Coalition (SLC) protest groups since construction began two years ago.

Lynas said the Federal Court had dismissed an appeal to seek a judicial review of the decision to grant it a temporary operating licence. The appeal that was dismissed was brought by SLC.

The plant in Kuantan is considered important to breaking China’s grip on the processing of rare earths, which are used in products ranging from smartphones to hybrid cars.

Lynas shares rose to a high of A$0.615 and last traded up 4.3 percent at A$0.61, half the level it was a year ago. (Reporting by Lincoln Feast; Editing by Chris Gallagher)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below