|Will Lynas be a benefit or a liability to the Malaysian people?
Lynas Corporation, Ltd. is an Australian rare earths mining company, listed on the Australian Stock Exchange as a S&P/ASX 200 company. It has two major operations: a mining and concentration plant at Mount Weld, Western Australia, and a refining facility now under construction at Kuantan, Malaysia.
The company was founded in 1983 as Yilgangi Gold NL. It became publicly listed in 1986 on the ASX. In 2001, it sold off its gold division and focused on rare earths. The company took on the Lynas name in 1985.
|Lynas Advanced Materials Plant (LAMP) in Gebeng, Kuantan
Facts retrieved by Save Malaysia about Lynas:
-LYNAS -AUSTRALIAN based mining company
-The company has been suffering from financial losses since 2003 after it acquired Mount Weld
-From 2003 till 2010, it has a total revenue of about A$28 million, but it's total losses during this period is about A$128 million. It has NEVER recorded a profit between this period.
-The paid up capital of Lynas Malaysia Sdn Bhd is RM 250,000.00
-Shares of Lynas went up 17-fold in less than three years. It was about
A$0.13 in Feb 2009 and today it is about A$2.25.
-LYNAS has finalised a $US325 million (RM975 million) financing package with Japan's Sojitz group to build LAMP (Lynas Advanced Materials Plant) in Gebeng, Kuantan.
-But, the financing package does not include the potential clean up cost of LAMP amounting to more than RM9 Billion (excluding other costs related to the irreversible harm done to the residents and environment) after 12 years.
-Lynas bought over Mt. Weld from Ashton after Ashton attempted to get approval from Australian government to start rare earth processing plant in Western Australia.
|Mount Weld rare earth mine in Western Australia
Lynas Malaysia's Company Profile (Directors):
|Company Directors - Page 1
|Company Directors - Page 2
LAMP's Budget Breakdown:
|Lynas Advanced Materials Plant's (LAMP) Budget Breakdown