Lynas Corporation: Malaysian Court Update
December 7, 2012 (Source: Lynas Corporation) — Lynas Corporation (ASX:LYC, OTC:LYSDY) provides the following update to its ASX announcements dated 15 November 2012 and 5 December 2012. The Malaysian Court of Appeal has scheduled 19 December 2012 as the hearing date for the appeal brought by parties associated with the Save Malaysia Stop Lynas group (SMSL) against the Kuantan High Court’s earlier refusal to grant a stay against the exercise of rights under Lynas’ Temporary Operating Licence. This appeal was referred to in Lynas’ ASX announcement dated 15 November 2012.
On the basis that the appeal against the Kuantan High Court’s refusal to grant a stay will now be heard on 19 December 2012, the interim stay application referred to in Lynas’ ASX announcement dated 5 December 2012 will not proceed
Lynas (or the Government of Malaysia) have, on several other occasions, successfully defended other proceedings seeking injunctions, stay orders or similar orders including: the Kuantan High Court decisions in November 2012; a decision by the Malaysian Court of Appeal in September 2012; and a decision by the Kuala Lumpur High Court in April 2012.
There is currently no injunction or stay preventing Lynas from carrying out its operations at its Malaysian plant.
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