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Lynas Rare Earths (OTCPK:LYSCF) (OTCPK:LYSDY) said Friday it will shut down most operations in Malaysia for about two months to implement an upgrade to downstream operations to increase NdPr production capacity to ~10K tons/year.
Lynas (OTCPK:LYSCF) (OTCPK:LYSDY) said the additional capacity would be essential if its Malaysian operating license is updated to allow the continued import and processing of raw materials from January 1; if the license is not extended, the additional downstream capacity can be used for a new facility in Kalgoorlie, Australia.
The Malaysia refinery has operated since 2012, but it has been locked in a battle over concerns about radiation from waste accumulating at its plant.
Lynas (OTCPK:LYSCF) (OTCPK:LYSDY) said a Malaysian court is set to hear in November its application for a stay to allow it keep operating at the refinery while other administrative and legal appeals are being heard.
The company also reported a 21.8% decline in FQ1 revenues to A$128.1M (~US$81M), hurt by lower rare earths prices and continued accumulation of inventory.
