NST Online Business Times : latest
NST Online Business Times : latest |
| Lynas expects Pahang plant output from Dec Posted: 19 Nov 2012 05:19 PM PST MELBOURNE: Rare earths miner Lynas says that it has been a testing year for the company, but expects production at its plant in Gebeng, Pahang to begin in December after long delays caused by environmental and political concerns. Lynas executive chairman Nicholas Curtis told the company's annual general meeting in Sydney on Tuesday that it had been a year "when the noise around the company has reached an amplitude that is, quite frankly, not sustainable and very negative for us all." "But I have to say that short-term share market performance is not our main focus as management of Lynas. "One to two tough years to bring the business to life need to be put in the context of the long-term vision we are realising.
Production revenue is set to flow from the first quarter of calendar 2013, Curtis said. After reaching unsustainable highs, prices for rare earths have now fallen and growth in demand is expected to resume, possibly as soon as the second half of 2013, he said. After a drawn-out approval process and several legal challenges from locals and activists, Lynas' advanced materials plant in Gebeng currently has a temporary operating licence. However, opponents, arguing the mine will pollute nearby land, are still seeking an interim stay on the licence and have appealed to the Malaysian High Court. The delays to first production have also forced Lynas to raise A$200 million by issuing new shares recently. Lynas' share price has suffered, recently hitting an all-time low of A55 cents, down from A$1.165 a year ago. -- BERNAMA |
| KL shares open higher on renewed interest Posted: 19 Nov 2012 06:01 PM PST Share prices on Bursa Malaysia were higher in early trade on Tuesday on renewed buying interest, boosted by positive
At 9.24 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.53 points better at 1,627.84, after opening 3.13 points higher at 1,626.44. HwangDBS Vickers Research said the bullish sentiment seen in Wall Street would likely pave the way for the FBM KLCI to bounce up today. "Wall Street jumped overnight, buoyed by better housing data and optimism that a budget agreement would be reached between the US President and Congress to resolve the fiscal cliff issue," it said in a research statement today. The research house said the benchmark FBM KLCI may see a recovery towards the immediate resistance level of 1,635. "Hoping to ride on the positive market sentiment today are stocks like Dialog, after its joint venture with Halliburton won a US$1.2 billion oilfield services contract in Sarawak with a term of 24 years," it added. It said Dayang Enterprise would also be one of the stocks that may add interest today as the company's latest quarterly delivered upside earnings surprises. On the scoreboard, the Finance Index rose 20.65 points to 15,017.97, the Industrial Index added 9.49 points to 2,793.41 and the Plantation Index rose 24.64 points to 7,993.44. The FBM Emas Index increased 33.98 points to 11,126.18, the FBM Ace Index lost 6.7 points to 4,240.98, the FBMT100 gained 33.49 points to 10,961.60 and the FBM Mid 70 Index increased 51.69 points to 12,286.53. Gainers led losers by 150 to 58, with 166 counters unchanged, 1,274 untraded and 18 others suspended. Volume stood at 121.87 million shares worth RM100.97 million. Among actives, KNM Group-WA rose 9.5 sen to 10 sen, Karambunai lost half-a-sen to 16 sen and KNM Group fell two sen to 47.5 sen. Of the heavyweights, Maybank was flat at RM9.03, while Sime Darby lost one sen to RM9.52 and CIMB added four sen to RM7.67 Bernama |
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