Malaysia’s government says it will allow Lynas Rare Earths to continue to import and process rare earths until March 2026.
Malaysia's Minister of Science, Technology and Innovation Chang Lin Kang speaks during a press conference in Kuala Lumpur, Malaysia, Tuesday, Oct. 24, 2023. Australian miner Lynas Rare Earth has won a reprieve until March 2026 to continue its activities in its Malaysian plant that produce radioactive waste material.
Science Minister Chang Lih Kang said the two conditions for renewing Lynas' license had been removed after the company proposed a way to extract thorium, the radioactive element, from the raw rare earths it imports and from the more than 1 million tons of waste sitting at its factory.Chang said the government's about-turn was not a softening of its stance.
Lynas said in a statement it will raise its research and development investment from 0.5% to 1% of its Malaysian gross sales, to develop methods to remove naturally occurring radioactive material from residues. Rare earths are 17 minerals used to make products such as electric or hybrid vehicles, weapons, flat-screen TVs, mobile phones, mercury-vapor lights and camera lenses. China has about a third of the world’s rare earth reserves but a near monopoly on supplies. Lynas has said its refinery could meet nearly a third of world demand for rare earths, excluding China.
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