Vedanta seeks $1 billion in upsized share placement
Vedanta is joining a slew of Indian companies tapping stock investors amid surging valuations and increasing demand for equity investments in the country.
Lynas Rare Earths Ltd said on Wednesday it had approached Malaysia’s top court to review its license to operate in the country, which has a condition that bars the miner from importing and processing lanthanide concentrate from January.
The Australian company’s application comes after the Malaysian minister of science and technology dismissed the company’s appeals to scrap the condition a few months back.
“The license conditions which limit operations at the Lynas Malaysia facility represent a significant variation from the conditions under which Lynas made the initial decision to invest in Malaysia,” the miner said.
“The judicial review proceedings now commenced seek review of the MOSTI (Minister of the Ministry of Science, Technology and Innovation) minister’s decisions to dismiss both of Lynas’ appeals.”
Lynas, the world’s biggest producer of rare earths outside China, would have to shutter the cracking and leaching part of its rare earths processing plant in Malaysia if the conditions are not removed by 2024.
That, in turn, could interrupt the supply of neodymium and praseodymium (NdPr), used in magnets as crucial components of everything from iPhones to weapons systems.
While Malaysia’s government has raised concerns about the radiation levels from cracking and leaching, Lynas has furnished two reviews by the International Atomic Energy Agency that found the plant to be low risk and compliant with regulations.
(By Sameer Manekar; Editing by Savio D’Souza)
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