News News
Contact us
  • Customer service number:64321087
  • Commercial service telephone:13918059423
  • Technical service telephone:13918059423
  • Contact person: Mr. Cui 
  • Service email:shxtb@163.com
  • Address: room 107, building 8, no. 100, guilin road, xuhui district, Shanghai

Australia's Wesfarmers says it won't pursue rare earths miner Lynas

The date of: 2019-08-23
viewed: 3

source:Reuters

(Reuters) - Australian retail-to-chemicals conglomerate Wesfarmers Ltd (WES.AX) said on Thursday it would not pursue its proposal to buy rare earths miner Lynas Corp (LYC.AX).

Noting Lynas’ receipt of a renewed operating license for its Malaysian processing plant earlier in the day, Wesfarmers said it “has been unable to progress a proposal”.

In April, Wesfarmers said it was still interested in acquiring the only major producer of rare earth elements outside China and could table a less conditional bid after its earlier offer was rebuffed by Lynas’ board.

Lynas had said the offer undervalued its intellectual property.

Wesfarmers’ offer was conditional on Lynas receiving a renewal of its operating license. The company received a six-month extension for the license, which was announced last week but was shorter than what investors and analysts had expected.

Wesfarmers successfully bid for lithium miner Kidman Resources (KDR.AX) in May as part of its plan to diversify its interests and make a foray into the electric vehicle market. Its bid for Lynas was driven by a similar notion.

Rare earth miners outside China, the world’s largest producer, have seen increased interest recently given that it has hinted it would use its supply of rare earths as a negotiating tactic in its trade war with the United States.

A Lynas representative was not available for comment.



Hot News / Related to recommend
  • 2024 - 07 - 19
    Click on the number of times: 0
    source: Purdue UniversityPurdue University engineers have developed a patent-pending method to synthesize high-quality, layered perovskite nanowires with large aspect ratios and tunable organic-inorga...
  • 2024 - 07 - 18
    Click on the number of times: 0
    source:Innovation newsnetworkThe Analysis Center is developing innovative new materials-characterisation technology and expanding the suite of analytical techniques available regionally to support REE...
  • 2024 - 07 - 17
    Click on the number of times: 1
    source: Lawrence Berkeley National LaboratoryThe element actinium was first discovered at the turn of the 20th century, but even now, nearly 125 years later, researchers still don't have a good gr...
  • 2024 - 07 - 17
    Click on the number of times: 0
    source:Songshan Lake Materials LaboratoryResearchers at Songshan Lake Materials Laboratory have made significant advances in sodium-ion battery (SIB) technology by improving cycling performance of the...
  • Copyright ©Copyright 2018 2020 Shanghai rare earth association All Rights Reserved Shanghai ICP NO.2020034223
    the host:Shanghai Association of Rare Earth the guide:Shanghai Development and Application Office of Rare Earth the organizer:Shanghai rare earth industry promotion center
    犀牛云提供云计算服务