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Lynas Corporation Limited Message Board

  • fastmoney_2011 fastmoney_2011 Dec 29, 2010 3:10 PM Flag

    Lynas gets OK for Malawi purchase

    Lynas Corporation Ltd says it has received approval from the Malawi government to acquire a rare earths resource for $US4 million ($A4.02 million).

    The minerals explorer said on Wednesday the Malawi minister of mines had approved the transfer of the mining licence for the Kangankunde Carbonatite Complex to Lynas.

    The Malawi Investment Promotion Agency also had approved the project proposal, Lynas said in a statement.

    These were the main conditions precedent in the purchase agreement, Lynas said.

    "Lynas is now finalising settlement formalities for the purchase agreement for the rare earths deposit, which are expected to be procedural," the company said in a statement.

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    • The minerals explorer said on Wednesday the Malawi minister of mines had approved the transfer of the mining licence for the Kangankunde Carbonatite Complex to Lynas.

      The Malawi Investment Promotion Agency also had approved the project proposal, Lynas said in a statement.

      These were the main conditions precedent in the purchase agreement, Lynas said.

      "Lynas is now finalising settlement formalities for the purchase agreement for the rare earths deposit, which are expected to be procedural," the company said in a statement.

 
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