Lynas Corporation Media Speculation Regarding Crown and Swan Deposits
Mon, 16 May 2011 15:03:00 +1000 1 hour, 45 minutes ago
16 May 2011 Media Speculation Regarding Bid for the Crown and Swan Deposits Lynas Corporation Limited (“Lynas”) (ASX:LYC, OTC:LYSDY) notes articles in today’s Sydney Morning Herald and Age newspapers speculating about a third party offer for Lynas’ Crown and Swan Deposits. As Lynas announced on 11 May 2011, following extensive engagement with its major shareholders, Lynas will focus on its core strategy of delivering its Rare Earth project in Western Australia and Malaysia. As a consequence, the unified view of the Lynas Board is that it is not the appropriate time to be focussing on the Crown and Swan Deposits.
Lynas also confirms neither its directors nor its management have been contacted by any potential third party bidder for the Crown and Swan Deposits. About Lynas Corporation Lynas owns the richest known deposit of Rare Earths, also known as Lanthanides, in the world at Mount Weld, near Laverton in Western Australia. This deposit underpins Lynas’ strategy to create a reliable, fully integrated source of Rare Earths supply from the mine through to customers in the global Rare Earths industry.
Lynas will concentrate the ore mined at Mount Weld in a Concentration Plant approximately 1.5km from the mine. The concentrate produced by the Concentration Plant will be shipped in sea containers and transported by road and ship to the east coast of Malaysia to the Lynas Advanced Materials Plant (LAMP) within the Gebeng Industrial Estate, Kuantan, Pahang, Malaysia, to process the Mount Weld concentrate through to separated Rare Earths products. The Concentration Plant in Western Australia commenced feed of ore on 14 May 2011.
Engineering and construction of the LAMP remain within budget. Practical completion of the LAMP is scheduled for September 2011. Lynas has received all required approvals to construct the LAMP, and is in the process of applying for all pre-operation and operation approvals.
The company plans to become the benchmark for security of supply and a world leader in quality and environmental responsibility to an international customer base, with production anticipated to commence in 2011. 1 of 2 ‘Rare Earths’ is the term given to fifteen metallic elements known as the lanthanide series, plus yttrium. They play a key role in green environmental products, from energy efficient compact fluorescent light bulbs (CFLs) to hybrid cars, automotive catalytic converters and wind turbine generators.
They are also essential in the development and manufacturing of many modern technological products, from |
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