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Australian rare earths company Lynas – pulling out of its Malawi project?

Lynas Likely To Give Up Rare Earths Project in Africa International Business Times,  By Esther Tanquintic-Misa | June 14, 2012  With its highly-controversial Malaysian rare earths processing plant an already ample source of headache, Lynas Corp. has been reported to be likely backing out from another rare earths project, this time in Africa.

Citing unidentified industry sources, The West Australian reported that Lynas Corp. is thinking of shunning the Kangankunde rare earths project in Malawi after a Malawi High Court questioned the authenticity of the Australian miner’s ownership over the project…..
With the recent development, the Australian rare earths miner deemed it might be better to give up the African project altogether, than suffer again the same fate as with its highly controversial rare earths processing plant in Malaysia, The West Australian reported…. Lynas Corp. “is reassessing the project’s risks in the context of Malawi’s present governance and institutional frameworks,” sources told The West Australian. … http://au.ibtimes.com/articles/351984/20120614/lynas-corp-rare-earths-malawi-africa-malaysia.htm

June 16, 2012 - Posted by Christina Macpherson | business and costs, Malawi