Malaysia Allows Australian Miner Lynas to Continue Importing, Processing Rare Earths Until 2026

Renewal of Lynas Rare Earths' license comes with a condition: the firm must extract thorium to reduce radioactive waste, following a proposed new technology that could ensure safe disposal and potential commercial use.

Malaysia's government has allowed Australian miner Lynas Rare Earth to extend its license to import and process rare earths until March 2026. The original permit was due to expire in January 2024.
As a condition of the license extension, Lynas must implement a new technique to extract the radioactive element thorium from the raw rare earth elements it imports, as well as from the radioactive waste produced by its operations.
Lynas has committed to raising its research and development investment to 1% of its gross revenue from Malaysia, double its current commitment. These funds will specifically go towards developing methods to remove naturally occurring radioactive material from waste.
If successful, the extracted thorium could be sold for commercial use to nuclear plants overseas or for other industrial applications, potentially transforming radioactive waste into a new revenue stream.
Despite environmental protests, Lynas believes its operations are safe and has further plans to improve its operations over the next two months. It has invested over 3 billion ringgit ($627 million) in Malaysia and foresees a strong future for the country's rare earth industry.