Friday, July 1, 2011

Lynas Corp shares dn 12% on extra safety ruling

KUALA LUMPUR: Shares of Lynas Corporation Ltd fell 12% to A$1.75 at the close on trade on the Australian Stock Exchange on Friday, July 1 after the government imposed more safety measures on the rare earth plant in Gebeng, Pahang.

The broader Australia's S&P/ASX 200 Index lost 0.4% to 4,591.20 at the 4:10 p.m. close of trading in Sydney. The index had risen'' 1.8% in the past five days, snapping four straight weeks of losses., a news report said.

On Thursday, the International Atomic Energy Agency (IAEA)'' concluded that the Lynas rare earth plant is safe but the Lynas had to undertake improvements in various technical areas before it can proceed to the next stage of operations.

The IAEA said it did not find any instance of "any non-compliance with international radiation safety standards" in the project.

However, an IAEA review team identified 10 issues for which it considered''improvements were necessary before the next licensing phase of the Lynas project.

No comments:

Post a Comment