(May 8): Lynas Rare Earths Ltd’s shares surged after Malaysian authorities granted a six-month extension to the Australia miner to get its rare earths plant in line with environmental requirements. Lynas shares had their biggest one-day gain in more than two years on Monday, and closed 12% higher to A$7.37 (US$5) in Sydney. The Lynas rare earths refinery in Malaysia is the largest outside China, but has been dogged by environmental concerns and community opposition. Lynas is building an alternative processing plant in Australia, but it was unlikely to be ready by the Malaysian ban’s original start date in July. Read also:Anwar confirms Lynas given six-month extensionMosti rejects Lynas’s appeal to drop four licence conditions

Source: The Edge Markets May 08, 2023 11:38 UTC