Tuesday, April 23, 2013
Lynas Corporation (ASX: LYC, OTC: LYSDY) has reported that the highest Court in Malaysia, the Federal Court, has upheld the earlier decisions of lower Courts to dismiss an application by persons associated with the Save Malaysia Stop Lynas group for an injunction against Lynas’ Temporary Operating Licence.
The Applicants’ appeal was dismissed with costs.
Lynas also added that the Court of Appeal has confirmed the earlier decision of the Kuantan High Court to approve Lynas’ application to be joined as a party to the judicial review proceedings in the Kuantan High Court.
Those judicial review proceedings are expected to be heard by the Kuantan High Court during 2013.
Lynas recently achieved first production of separated Rare Earths products for customers and commenced a process of customer product qualification.
The Lynas Advanced Materials Plant has now produced the full suite of Rare Earths products and the plant is ramping up towards achieving targeted Phase 1 nominal capacity of 11,000 tonnes per annum REO by the end of the June quarter 2013.
The company had close to $194 million in cash at the end of March 2013.
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