The Australian miner, the world’s only major producer of rare earths outside China, said the A$500 million-plan ($346 million) aims to boost production, appease Malaysian regulators and fend off takeover attempts.
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The rare earths miner said its board had concluded it would not engage with retail and industrial conglomerate Wesfarmers, stating its unsolicited takeover offer undervalues Lynas’ intellectual property.
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Lynas, one of the world’s main suppliers of rare earths outside China, said it was open to processing materials closer to its Australian mine if that meant it can renew its licence in the Southeast Asian country.
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Ernst & Young report raises concerns about the company’s future due to Malaysia’s order to remove its radioactive waste by September.
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