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Malaysia: Lynas CEO Finds Social Media Hobbles Rare-Earths Plans
I wonder where they would "export" it to.
Lynas Corp. (LYC) Chief Executive Officer Nicholas Curtis said he underestimated the power of Facebook and Twitter when his mining company decided to build the world’s biggest rare-earths plant in Malaysia.
Lynas is now counting the cost as thousands of tons of unprocessed raw materials pile up at its Mount Weld mine in Western Australia while it waits for a promised refining permit. Local residents, worried about possible contamination from the Pahang plant, have used new media to rally local and foreign opposition to the facility.
...
Lynas must also present an acceptable plan for a permanent disposal facility for radioactive residue within 10 months of a temporary operating license being issued, she said. If none is approved, Lynas would have to export any harmful waste, Noor Hasnah said. A temporary operating license was awarded in February subject to conditions.
...
Every month of delay costs as much as A$10 million ($10 million), Curtis said. Lynas has seen its shares tumble 51 percent in the past year in Sydney, tracking a 62 percent drop in New York by Molycorp Inc. (MCP), the U.S. owner of the largest rare-earth deposit outside of China. The Australian miner gained 1.8 percent to close at 86 Australian cents today.
http://www.bloomberg.com/news/2012-07-01/lynas-ceo-finds-social-media-hobbles-rare-earths-plans.html
Lynas is now counting the cost as thousands of tons of unprocessed raw materials pile up at its Mount Weld mine in Western Australia while it waits for a promised refining permit. Local residents, worried about possible contamination from the Pahang plant, have used new media to rally local and foreign opposition to the facility.
...
Lynas must also present an acceptable plan for a permanent disposal facility for radioactive residue within 10 months of a temporary operating license being issued, she said. If none is approved, Lynas would have to export any harmful waste, Noor Hasnah said. A temporary operating license was awarded in February subject to conditions.
...
Every month of delay costs as much as A$10 million ($10 million), Curtis said. Lynas has seen its shares tumble 51 percent in the past year in Sydney, tracking a 62 percent drop in New York by Molycorp Inc. (MCP), the U.S. owner of the largest rare-earth deposit outside of China. The Australian miner gained 1.8 percent to close at 86 Australian cents today.
http://www.bloomberg.com/news/2012-07-01/lynas-ceo-finds-social-media-hobbles-rare-earths-plans.html