Not a good Friday for Lynas

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Looks like Holy Week has not been the best of times for Lynas, the rare earths firm.

On Good Friday today, International Trade and Industry Minister Mustapa Mohamed announced that an international panel of “independent experts” would be set up to probe the safety of the firm’s ‘Advanced Material Plant’ in Gebeng, Pahang. Findings should be out within a month. It is important that the panel comprise competent people of unimpeachable integrity.

Meanwhile, the Pahang Bar is setting up a sub-committee made up of 20 lawyers to carry out an independent study on the Gebeng plant, following a resolution passed unanimously at its EGM yesterday, ‘Maundy Thursday’.

Back in Australia, angry Lynas shareholders want to know how Forge Resource Group, a firm linked to Lynas executive chairman Nicholas Curtis, was selected as the best party to be awarded subleases to develop tantalum-niobium and phosphate deposits within Lynas’ Mount Weld mining lease.

According to The Sydney Morning Herald:

ANGRY shareholders will move for a court injunction and launch a counterbid if Lynas does not call off the contentious sale of a rich rare earths and metals deposit to a related party.

Bob Watson, the chairman of the online recruitment site Seek, has joined Mark Suhr, a Melbourne businessman and fellow Lynas shareholder, to fight the proposed $20.7 million sale of the rare earth miner’s Crown polymetallic deposit to Forge Resources.

The executive chairman of Lynas, Nicholas Curtis, is a 15 per cent shareholder of Forge and stands to vest 24 million performance shares if the deal proceeds, boosting his stake in Forge to close to 40 per cent.

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anonymous

… fuziah… andansura rabu… you all also have more interest only to get people of kuantan attention prior to m’sia next general election

Jong

I don’t see the need to waste more tax-payers’ $$$$ on ‘international panel of experts’ for review when it’s the residents of Gebeng-Pahang who will be faced with and exposed to radiation emitting from Lynas. So listen to their wishes – they don’t want the plant in Malaysia! Didn’t Minister Mustapha Mohd say it’s the interest of the people that this government is more concerned with? Comeon hypocrites, in the first place, 1. Why wasn’t the people living in and around Gebeng-Pahang aware and consulted about Lynas’s intention? 2. Who was responsible for the ‘go-ahead all-clear nod’ to Lynas for… Read more »

Rozita

Having spent millions on the plantthat is near completion , very likely the so-called ‘international panel of experts’ will agree with MB Adnan that the project could go ahead as planned. Money talks.

Sangam

Instead of attracting worthy investment that could utilized the brain power of our graduates (many are still jobless, especially the local graduates), the BN government is getting such dubious investors that is out to capitalize on the opportunity that their home countries cannot provide because of the hazardous nature of the operations. If BN is forward looking, they could have devised more courses on hazardous waste management at the local universities years ago to handle such operations. But we all know the ad-hoc approach of BN (see the MB Adnan’s attitude in this case) that is being taken advantage of… Read more »

Antares

Lynas, Rio Tinto… two names often heard when it comes to ruthless greed and bullyboy corporate behavior.

Just like that corporation named RDA in Avatar whose director of operations, Selfridge Parker, blew up the Sacred Tree just to get his money-grubbing hands on some unobtanium.

looes74

Antares,
At least Zimbabwe demanded that locals own 51%. This one lagi worst. Tax free for 12 years…..Speechless man

looes74

What’s there to talk? Where … is Mahathir? Rather than whacking DAP. He should whack Australia. Anyway, he’s done that to Paul Keating nong nong time ago

chew

please stop lynas to come in malaysia, for our future generation!

Eloi

“important that the panel comprise competent people of unimpeachable integrity”

What does that mean in Malaysian term? Am I correct correct correct to say its a waste of time. I don’t need an international independent panel to tell me. I don’t want a Rare Earth Processing Plant in Malaysia. PERIOD!

Peter Ho

Today’s (22 April) Guang Ming Daily that has the headline news report of the ill effects of rare earth, a true account from the victims:

http://www.guangming.com.my/node/101336?tid=3

Seet Lip Teng

It looks like Malaysia has become a dumping ground for toxic waste??

Yang

Another delay tactics to make sure you will soon forget.