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NewsMitsubishi UFJ buys 9.99% of Lynas Corp for A$324m
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Mitsubishi UFJ buys 9.99% of Lynas Corp for A$324m
by hlk Tue 05 Jul 2011, 17:44
KUALA LUMPUR: Mitsubishi UFJ Financial Group has acquired a 9.99% stake in Australia’s Lynas Corp which has set up a rare earth plant in Pahang.
A filing to the Australian Stock Exchange by Lynas Corp on Tuesday, July 5 showed it had acquired the stake, comprising of 170.12 million shares on June 30.
According to Australia’s International Business Times, the acquisition of the shares was estimated at A$324 million or RM1.04 billion.
Last Thursday, June 30, 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 had then 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.
A filing to the Australian Stock Exchange by Lynas Corp on Tuesday, July 5 showed it had acquired the stake, comprising of 170.12 million shares on June 30.
According to Australia’s International Business Times, the acquisition of the shares was estimated at A$324 million or RM1.04 billion.
Last Thursday, June 30, 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 had then 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.
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