Lynas Corp. (LYC), an Australian mining company building the world’s largest rare earths refinery in Malaysia, climbed the most in a month in Sydney trading after a Kuala Lumpur court rejected an attempt to review its permit.
The stock surged 7.8 percent to close at A$1.11, rising the most since March 9. Sydney-based Lynas is the second-biggest gainer on the benchmark S&P/ASX 200 Index, which was up 1 percent.
The High Court of Malaya in Kuala Lumpur denied the request for a review because there was a separate appeal lodged with the Minister of Science, Technology and Innovation to challenge the temporary operating license granted by the Malaysian Atomic Energy Licensing Board, Lynas said in a statement yesterday.
The company’s initial plan to start production in September was delayed after the Malaysian government imposed extra safety standards recommended by an international review panel in response to protests by residents who expressed fears over possible radiation and contamination.
The court request was filed by a group of people who live in Malaysia’s central Pahang state where Lynas’s plant is located, the company said in February. The appeal to the minister is expected to be heard this month, it said yesterday.
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