Lynas rises 18pc after Malaysia re-elected

Thursday, May 09, 2013, 07.38 AM

Business times

SYDNEY: Shares in Australia’s Lynas Corp Ltd, which has a rare earth plant in Malaysia, surged as much as 18 per cent on Monday after the National Front coalition won re-election, fending off an opposition challenge that had unnerved investors.

Lynas’ US$800 million rare earth plant in Malaysia – the world’s biggest outside China – finally began production in November after lengthy environmental and safety disputes with residents and the ‘Save Malaysia Stop Lynas’ and ‘Stop Lynas Coalition’ protest groups since construction began two years ago.

Lynas last traded at A$0.59 at 0123 GMT, surging 18 per cent.– Reuters

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