Auditors to rare earths producer Lynas Corp flagged a material risk to its busin...
MELBOURNE - Auditors to rare earths producer Lynas Corp flagged a material risk to its business on Thursday, after Lynas said it could not meet a timeline from Malaysian regulators to export a waste product before its operating license comes up in September.
FILE PHOTO: A general view of Lynas factory is seen in Gebeng, 270 km east of Kuala Lumpur April 19, 2012. REUTERS/Samsul Said In December, Malaysia’s Atomic Energy Licensing Board told Lynas - the world’s biggest producer of rare earths outside China - that it must export stockpiles of a type of residue from its processing plant by Sept. 2, when its full operating stage license is due for renewal.
In its first half results on Thursday, Lynas said that exporting the residue, known as WLP, within the mandated timeline was “unachievable”.“Lynas Malaysia continues to engage in discussions with the Malaysian government seeking to agree a basis upon which Lynas will achieve a renewal of its operating license,” Lynas said in a note to its half year results.Lynas added that it has appealed the condition on management of WLP.
Auditors Ernst & Young drew attention to the note in a review report, saying: “These conditions indicate the existence of a material uncertainty that may cast significant doubt about the consolidated entity’s ability to continue as a going concern.
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