While market demand remained in line with expectations, Lynas Rare Earths recorded reduced sales revenue of $128.1 million for the September quarter.
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Lynas Rare Earths has filed two judicial review proceedings before the High Court of Malaya, seeking review of the Malaysian operating license conditions that prohibit the processing of lanthanide concentrate.
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Lynas Rare Earths has been granted a six-month extension for processing lanthanide concentrate in Malaysia, effectively plugging the gap in the company’s rare earth supply.
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Lynas Rare Earths is set to appeal to the Malaysian Government today about unfavourable license conditions that threaten to interrupt its operations. But despite the impending battle, the company recorded strong results for the March quarter.
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Lynas Rare Earths has announced the three-year renewal of its Malaysia operating license, but the news isn’t everything the company was hoping for.
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