Troubled rare earths miner Lynas Corporation has beaten analyst predictions and won a temporary operating licence for its processing plant in Malaysia.
In a statement yesterday Lynas executive chairman Nicholas Curtis said the licence was a "significant milestone" for the company and would allow it to move toward first production later this year.
"Like everyone at Lynas, I am eagerly anticipating the safe commencement of operations at the Lynas Advanced Materials Plant and being able to supply our customers with product," he said.
"The approval to begin operations also verifies Lynas' continued commitment to strong safety, health, environmental and community values and highlights the company's determination to achieve its zero harm goal."
The Atomic Energy Licencing Board will continue to monitor operations at the Lynas facility and the company's adherence will be criteria for it progressing to a full operating licence within the next two years.
Last month analysts at Foster Stockbroking recommended investors sell shares in Lynas because the company was expected to face further delays in gaining the temporary licence.
Foster analysts told Australian Mining today the licence approval was a surprise and would force a reevaluation for investors.