These are the men behind Lynas Corporation, which is bringing to the folks in Kuantan a controversial rare earth refinery.
Unfortunately, we don’t know who really owns the firm as the main shareholders are institutional investors, unknown individuals and those hidden behind nominees. (See extract below from the Annual Report 2010 of Lynas Corporation.)
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I have written a few comments in the local newspapers about Lynas’ unwanted presence in Malaysia here but none got published. Yes, looks like Australia likes to protect their own and treats other countries as dumping grounds if they are dumb enough 🙁
1. Not fair stating Ozland dumps the unwanted/dangerous to other lands coz largely its the businessmen themselves who made decisions.
2. We shud blame our politician who sold the safety of his OWN state (represent) for Money (dubious or otherwise) and to bail out his poor economic managements performances on Malaysia.
3. U know Gaddafi – when he could not control his country, he actually started burning off a couple of his country’s oil-well. Check it out thru internet/Bloomberg. I respect history/trends can repeat…..
… Najib being conferred Honorary PhD award by Australia’s Monash U recently…
…Pahang – home state of Najib who’s MP for Pekan, Pahang?
Those dispicable lot … having been ‘exposed’, now finds it easier to point fingers and plea ignorance?
AELB chief – denied everything – neither had ever placed a ‘deposit’ requirement on Lynas nor did they ever given the greenlight to Lynas for pre-operating licence. The Menteri Besar Adnan Yaacob said it wasn’t him, WHO then? – Member of Parliament Pekan Najib Tun Razak, the Prime Minister? …the Palace? How come no one in the state of Pahang was aware?
… who are we to believe…?
Q: My question is who owns these shares?
A: About 70 percent of our register is institutional investors. Morgan Stanley, JP Morgan have substantial shareholding positions, about 5 percent in Australia. Those are the only people who are known [in the register]. But we have a largely European and U.S. institutional holders in the register. About 30 percent of it is called private individual.
Q: How does management fit into this?
A: Management in total has about 4 percent, with our executive chairman having the majority interest. Other members of management holding only a few percentages.
This is more than just a simple rare earth processing plant. It’s about countering China and securing strategic supply of rare earth. JP Morgan and Goldman aka ‘the vampire squid’ are involved in this.
The Gebeng plant will fire up as per schedule in the 3rd quarter of 2011. God bless the folks of Kuantan. The ‘waste’ will remains buried in Gebeng soil until the world ends.
..or unless we give up all our smart phones and ipad. Ironic, isn’t it?
It is not irony nor is it hobson’s choice. It is not a choice between facing hazardous waste and having our modern day toys. What it is really about is a choice between safe (reads expensive) and harm minimised approach and unsafe and harmful ways. It had been recommened by EPA, in the oil and gas industry, where substantial amount of waste also contain thorium, is produced to put back those waste into the hole that they extracted the oil from. If lynas were to do this then the processing should have been done in mt weld and the waste… Read more »
JP Morgan (Lynas) and Goldman Sachs (Molycorp) to rival China in the production and supply of World Rare Earth materilas. Hmmm…..!!! A: I think that there is certainly a desire to create a supply system which is separate from the Chinese supply system for rare earth. We have 95 percent of the world’s rare earths coming out of China. Even the U.S. government is looking at strategic supply and there will be one or two major suppliers who have first-move advantage. Q: Who are they? A: We see ourselves, Lynas, and potentially a group called Molycorp. Q: That’s Goldman Sachs.… Read more »
I think JP Morgan is the largest shareholder in Lynas. Didn’t Jamie Dimon just paid Najib a visit in KL recently?
Q: Now, you got the biggest monetary contribution of all the companies from JP Morgan.
A: JP Morgan underwrote our recent capital raising. We raised $450 million. And JP Morgan underwrote all that 100 percent. So they subsequently sold that to different institutions. But JP Morgan is one of our biggest shareholders.
http://www.andrew-racz.net/lynas.htm
Yes, JP Morgan Chase CEO Jamie Dimon met with Najib this month:
http://www.nst.com.my/nst/articles/NajibmeetsJPMorganchairmanandCEOJamieDimon/Article/
G’dai, Bruuuuuuce.
The recalcitrant, defender of the universe and all things decent, is very quiet on this issue. Wonder why.
HSBC Custodev – that (could be a local politician’s) cronies !!!…
HSBC Custody is different from Custodev. Some people should really read closely and check their facts before spreading misinformation..!!!
Whoever the actual owners are, they certainly have enough clout to pull ABC’s newsclip on the proposed Lynas plant in Gebeng off YouTube. If you do a search on YouTube under “rare earth kuantan” you’ll mostly find propaganda videos uploaded by Lynas to counter public protests. China is raising the price of rare earth elements, which explains why Lynas is cashing in on Malaysia’s corrupt BN government and lax environmental laws.
Hi Antares
Are you referring to this clip?
http://www.youtube.com/watch?v=WKO6rpsjccA&feature=player_embedded&w=400
Looks all right to me.
And this is a Malaysiakini clip on yesterday’s protest at the Australian High Commission in KL:
http://www.youtube.com/watch?v=EzpDKDH-Y28&w=400