August 7, 2019 / 12:33 AM / 15 days ago

Malaysia to update on rare earths producer Lynas' license in mid-August

FILE PHOTO: A general view of the Lynas Advanced Materials Plant in Gebeng, Pahang, Malaysia, July 23, 2019. REUTERS/Lim Huey Teng

(Reuters) - Rare earths miner Lynas Corp said on Wednesday the Malaysian government has indicated it will make an announcement on its operating license there in mid-August.

Reuters reported on Monday, citing sources, that Malaysia plans to extend the company’s license to operate an $800 million rare earths processing plant, although it could be for a shorter duration than the usual three years.

A decision to extend the license by a Sept. 2 deadline is important for the market for rare earths because Lynas is the biggest producer outside China.

Reporting by Aditya Soni in Bengaluru; Editing by Paul Tait

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