Arcadium shareholders approve $6.7bn sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
Malaysian authorities granted a six-month extension to Australia miner Lynas Rare Earths Ltd. to get its rare earth plant in line with environmental requirements.
The deadline for the plant to be radiation-free has been extended to January 2024, according to Science, Technology and Innovation Minister Chang Lih Kang. He confirmed an earlier report by the Straits Times on the decision.
The Lynas rare earths refinery in Malaysia is the largest outside China, but has been dogged by environmental concerns and community opposition.
The government issued a fresh three-year license to Lynas’ plant based in the state of Pahang in February, with one of the conditions requiring the need to move “cracking and leaching” of lanthanide concentrate to an area outside of Malaysia by July 1. Malaysian authorities say the business unit generates radioactive waste.
The decision was relayed to Lynas on Friday after an appeal hearing in April, Chang said. His ministry will issue a statement on the issue on Monday, he told Bloomberg News.
(By Kok Leong Chan and Marcus Wong)
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