Lynas Shares Rise 41 Percent On Malaysian Permit Decision

Bloomberg reported that the Malaysian government granting a production permit to Lynas Corp., following months of delay due to protests regarding safety concerns, caused shares to rise the most in over three years.

As quoted in the report:

The refinery has been held up by protests and legal delays amid community concern over radiation risks. Lynas, which was initially granted permit approval in February, rose 41 percent to 84 Australian cents, its biggest gain since May 2009.

Andrew Harrington, resource analyst at Patersons Securities Ltd., commented:

Many in the market were skeptical that the license would get issued because it seemed to be heavily politicized. It’s going to be extremely positive for the share price which has been suffering from a lot of shorting because of the doubts.

Click here to read the full Bloomberg report.