25/10/2023 (Malaysia) - On Tuesday, Malaysia revised Lynas Rare Earths' operating license (LYC.AX), granting the Australian company permission to import raw materials containing natural radioactive elements and process rare earths until March 2026.
This extension of the license occurred despite prior concerns voiced by Malaysia about radiation levels stemming from the cracking and leaching processes used in raw material processing.
Chang Lih Kang, the Minister of Science and Technology, announced that Lynas could import radioactive materials and continue rare earth processing as long as the company conducted thorium extraction to eliminate radioactive waste. Kang clarified, "It's not a softening of position... It aligns with our original intention to prevent ongoing radioactive waste," during a press conference.
Previously, Lynas had been allowed to import and process lanthanide concentrate, which includes the radioactive material, until January 2024.
Lynas, the world's largest producer of rare earths outside of China, had previously stated that two reviews by the International Atomic Energy Agency had determined the plant to be low-risk and compliant with relevant regulations.
In an official statement, Lynas explained that the modification to its license would enable its Malaysian facility to continue importing and processing lanthanide concentrate from its mine in Western Australia.
Lynas also committed to increasing its ongoing research and development investment in Malaysia, raising it from 0.5% to 1% of Lynas Malaysia's gross sales. This initiative would be supervised by the Malaysian Atomic Energy Licensing Board and focused on developing techniques for the removal of naturally occurring radioactive materials from residues.