November 4, 2019 / 8:36 AM / 10 days ago

Australia's Lynas signs deal with Malaysian govt. agency

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

(Reuters) - Australian rare earths producer Lynas Corp Ltd said on Monday its Malaysian unit signed a memorandum of understanding with government agency MARA Corporation.

They will cooperate on projects including attracting downstream rare earths customers to Malaysia, as well as commercializing certain residues from Lynas’ Malaysian plant for agricultural uses, Lynas and Malaysia’s MARA said in a joint statement.

Lynas, the largest producer of rare earths outside China, is currently awaiting a license from Malaysia to increase its concentrate imports to the country, where it runs a refining facility.

The company had flagged a possible scaling back in production into the year-end, pending the import license.

Lynas also signed a preliminary deal to build a processing plant in the United States, but is yet to decide on a final site.

Reporting by Ambar Warrick in Bengaluru, Editing by Sherry Jacob-Phillips

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