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|Subject: Re: World's largest rare earth refinery||Date: 12/1/2011 4:21 AM|
|Author: mfishb||Number: 184 of 195|
It does seem from this that Lynas bears serious watching, now that that plant is about to come online.
Lower rare earths price healthy – Lynas CEO
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By: Esmarie Swanepoel
30th November 2011
Updated 1 hour 33 minutes ago
PERTH (miningweekly.com) - Australia-based Lynas CEO Nicholas Curtis said on Wednesday that the recent price retracement for rare earths was a healthy development for the industry.
He said rare-earth prices, particularly those outside of China, had reached unsustainable levels.
“The first half of this year saw an extraordinary explosion in rare-earth prices. Prices of various rare earths more than tripled from an already high point at the beginning of the year,” Curtis said.
Since August, prices have come down, leading to a readjustment of equity market valuations.
“We believe this price retracement is healthy for the industry. Prices are still very satisfactory, but much more sustainable for our customers,” Curtis said.
Meanwhile, he reported that the first phase of its rare earths processing plant in Malaysia was “on the verge” of being completed. It would be ready to receive concentrate from the Mount Weld mine in Australia in the first quarter of 2012.
Under the first phase, the Lynas Advanced Materials Plant (LAMP) would produce some 11 000 t/y of rare-earth oxide, which would be doubled during Phase 2 in 2013.
Lynas initially scheduled first ore feed into LAMP for September, but the date was pushed back after the Malaysian government imposed a number of recommendations to address fears over health and radioactivity concerns.
“Construction is more than 85% complete and as we gear up for first production, our ready-for-start-up programme is largely complete,” said Curtis.
“We will be the first new and significant source of rare earths in the world outside of China for about 50 years. We will have the largest rare earths integrated processing capacity, from mine to separated rare-earth oxides in the world. We will also have the highest environmental standards of any rare earths plant in the world.”
Edited by: Maria
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