Update rare-earth miner Lynas (LYSDY) in my Jubak Picks 50 portfolio

06/20/2012 5:08 pm EST


Jim Jubak

Founder and Editor, JubakPicks.com

Government decision by government decision, Lynas (LYC.AU in Sydney or LYSDY in New York) is making progress toward securing a temporary operating license for its rare earth processing plant in Malaysia.

On June 13 the country’s Minister of Innovation, Science and Technology denied an appeal of the decision to grant the license. But the minister did attach two new conditions to the license. Lynas must submit a method to immobilize radioactive elements in any residue that might be stored in a residue storage facility, and the company must submit an emergency response plan in the event of any release of dust from the residue. Lynas announced yesterday that it had submitted plans to meet those conditions.

Also yesterday the Malaysian Parliament debated the report of the select committee established to review the Lynas processing plant. The report recommends that Lynas receive its temporary operating license for the processing plant and concludes that Lynas has complied with existing standards and laws in Malaysia and with existing international standards.

In New York shares of Lynas are up 26% since the May 23 low as of 3 P.M. New York time on June 20. The stock is still down 47% over the last 12 months. Lynas is a member of my Jubak Picks 50 long-term portfolio http://jubakpicks.com//

Full disclosure: I don’t own shares of any of the companies mentioned in this post in my personal portfolio. The mutual fund I manage, Jubak Global Equity Fund http://jubakfund.com/ , may or may not now own positions in any stock mentioned in this post. The fund did own shares of Lynas as of the end of March. For a full list of the stocks in the fund as of the end of March see the fund’s portfolio at http://jubakfund.com/about-the-fund/holdings/
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