- Lynas Corporation's (LYC) Malaysian process plant will remain closed until May 11, under an extended Movement Control Order
- It's the third time that the order has been extended by the Malaysian government in a bid to reduce the number of COVID-19 cases in the country
- The rare earths producer has submitted an application to the government for approval to restart manufacturing
- Lynas Corporation shares closed flat today at $1.57 each
Lynas Corporation's (LYC) Malaysian plant will remain closed until May 11, under an extended Movement Control Order (MCO).
Last month the Malaysian government put in place the MCO in a bid to reduce the number of COVID-19 cases in the country. This forced the Lynas Advanced Materials Plant (LAMP) in Kuantan into care and maintenance.
Initially, the MCO was due to expire on March 31, however, it was extended until April 14, and again until April 28. Today's third extension means that manufacturing at LAMP will not resume for another two weeks.
The rare earths miner and producer, has implemented strict health and safety measures with essential staff who are on-site at LAMP.
Lynas has also submitted an application to the Malaysian government for approval to restart manufacturing.
Some of the products produced at the plant are used in critical industries including medical devices, automotive, oil refining and machinery and equipment.
Lynas Corporation shares closed flat today at $1.57 each.