www.lynascorp.com
Lynas Corporation Limited's (ASX: LYC) vision is to be a global leader in Rare Earths for a sustainable future; a vision realised by the passion and practices of our people.
Lynas is an ASX listed company, with the strategy to create a reliable, fully integrated source of Rare Earths supply from mine through to customers, and to become the benchmark for security of supply and environmental standards in the global Rare Earths industry.
Lynas owns the richest deposit of Rare Earths in the world at Mount Weld, Western Australia. Project development has commenced, with the first mining campaign completed and two processing plants underway. All necessary approvals required for project development have been received, the project is funded and production will commence in 2011.
Lynas Corporation issues Letter of Award to UGL
Perth-based Lynas Corporation (ASX: LYC) thas issued a letter of award to UGL Limited (ASX: UGL) to provide engineering, procurement and construction management services for the Advanced Materials Plant in Malaysia.
Lynas has estimated the value of the award to be approximately AUD$30 million, subject to finalization.
The Malaysian Advanced Materials Plant will be used by Lynas to process concentrate from its Mount Weld Rare Earths plant, located in Western Australia.
UGL has an established relationship with Lynas, having undertaken a high level engineering review of the Advanced Materials Plant project earlier this financial year.
Building on its extensive construction experience and engineering design capability, UGL Resources will utilize fully integrated 3D multi-disciplined engineering and materials management systems to deliver the project.
Lynas Executive Chairman Nicholas Curtis said the company was very pleased to be partnering with UGL in the delivery of the Advanced Materials Plant in Malaysia.
"UGL brings extensive construction experience and engineering design capability in South East Asia to this project," Mr Curtis said.
"We are constructing world class production facilities which are designed to meet the strict environmental requirements of Australia and Malaysia.
"The UGL contract is an Alliance style project where both client and contractor jointly manage the schedule of works on an open book basis to better manage risk."
Lynas owns the richest known deposit of Rare Earths, also known as Lanthanides, in the world at Mount Weld, near Laverton in Western Australia.
This deposit underpins Lynas’ strategy to create a reliable, fully integrated source of Rare Earths supply from the mine through to customers in the global Rare Earths industry.
Development of the mine is complete and in November 2009 Lynas completed an A$450million capital raising to enable the completion of construction of the Concentration Plant at Mount Weld and an Advanced Materials Plant to process the Mount Weld concentrate through to final Rare Earths oxides in the Gebeng Industrial Estate, Kuantan, Pahang, Malaysia. Lynas has received all required approvals to construct both plants.
Rare Earths is the term given to fifteen metallic elements known as the lanthanide series, plus yttrium. They play a key role in green environmental products, from energy efficient compact fluorescent light bulbs (CFLs) to hybrid cars, automotive catalytic converters and wind turbine generators. They are also essential in the development and manufacturing of many modern technological products, from hard disc drives to flat panel displays, iPods and magnetic resonance imaging scans.
