Putin scolds Tomtor rare earth deposit’s operator over development delays
Located in the north of the Siberian region of Yakutia, Tomtor is a key project in Russia's plans to boost output of rare earth.
Australia’s Lynas Corporation lost more than 11% of its value on Friday after it emerged the company’s Malaysian rare-earth refinery may be delayed by a government review that called for higher safety standards, further limiting supply of rare earths. Once in operation, the Lynas project could account for more than a third of the world’s supply outside of China.
China in recent months closed or consolidated more than 35 rare earth mines and cut export quotas sparking concerns in the US and other industrial nations about access to supplies and causing a frenzy of exploration and development activity.
Lynas will meet the requirements Chief Executive Officer Nicholas Curtis told reporters in Kuala Lumpur today, adding that the refinery may be commissioned by the end of this year and in production by the second half of 2012. The Sydney-based company had planned to complete the plant in September, it said on June 20.
MINING.com last week reported on surging prices for rare earth elements:
China’s exports of rare earth ores, metals and compounds, fell 11% in May compared to April and 8.8% to 23,742 metric tons in the first five months of the year compared to last year. At the same time the value of exports surged 242% to $1.6 billion, customs data supplied by Hong Kong-based Economic Information & Agency showed Tuesday.
