Company Reply to Rare Earth Story

By John McCormick  

Lynas Corporation has taken exception to an implication in my recent story on Green Jobs

The only part of the article they objected to was:

"China's government owned mining companies immediately offered to buy 51% of Lynas and 25% of Arafura."

This was completely accurate and the point of the story was that China is attempting to control any portion of the rare earth element market which it does not already own.

What Lynas would like everyone to know is that that purchase offer was blocked and they now have funding through other sources (see their complete email below.)

I have requested details about the funding and projections of when they expect to be in production.

Lynas' Reply:

"High-Paying Green Jobs in U.S. - Another Fantasy?

Dear John

I note in the above article you reference Lynas lost funding due to the GFC - which is correct, and that a Chinese group completed due diligence and offered to fund development of our Rare Earths project - which is also correct. However you failed to mention that the Australian Foreign Investment Review Board blocked this deal, and that JP Morgan assisted Lynas in raising all required funds to complete this project. I realise these facts don't support your story, but I would like to think you would give the full and balanced picture to your readers.

Lynas would request you print a correction as your current story gives the impression Lynas remains either without necessary funding or under Chinese ownership - both of which are incorrect.

Regards

Matthew James
Dr. Matthew James
Vice President
Corporate and Business Development
Lynas CORPORATION LTD
Office: +61 2 8259 7177
Mobile: +61 410 711 324
Fax: +61 2 8259 7199

John McCormick is a reporter, /science/medical columnist and finance and social commentator, with 17,000+ bylined stories. Contact John through NewsBlaze.