- Rare earth mining company Lynas Corporation (LYC) has reopened its Malaysian Plant today after COVID-19 restrictions were lifted
- The company will restart the plant at approximately 70 per cent of its regular production rates
- Production at this rate will allow Lynas to refill supply chains and restock its depleted inventories
- Meanwhile, Lynas’ Mt Weld facility in Western Australia will continue to operate with reduced staff on site
- Lynas is down 1.46 per cent on the market this afternoon, trading for $1.69 per share
Rare earth mining company Lynas Corporation (LYC) has reopened its Malaysian Plant today.
The company notified investors about the restart on Friday, as the Prime Minister of Malaysia announced that almost all economic sectors would be allowed to operate again from May 4.
Lynas says it had already implemented strict health and hygiene protocols at both of its sites, complying with the federal and state government requirements.
The company will restart the plant at approximately 70 per cent of its regular production rates. Lynas said this will allow it to refill supply chains and to restock its depleted inventories.
“Our number one priority will continue to be the health and safety of our people and our local communities,” the company said.
“Lynas will be guided by health and hygiene requirements, global economic activity,
customer demand, and any ongoing restrictions on suppliers as we ramp up the Lynas Malaysia plant,” it added.
The Mt Weld facility in Western Australia will continue to operate with reduced staff on-site and with health and hygiene protocols in place.
Lynas is down 1.46 per cent on the market this afternoon, trading for $1.69 per share at 1:45 pm AEST.