KUALA LUMPUR (Oct 2): With RM3 billion invested in Malaysia so far, Lynas Corp Bhd said yesterday that the company is "heavily committed" to Malaysia and wants to be treated fairly and consistently, like any other companies that operate in the country.

So far, the company has yet to receive a request from the Malaysian government for a review of the operations of its rare earth plant -- one of the largest in the world -- in Gebeng, Kuantan, Pahang. 

"But we do hope that the review will be fair and just," said Lynas' chief executive officer and managing director Amanda Lacaze during a press conference today, adding the review should have a clearly defined scope , with all inquiries be open and public. She also asked that the company be given the time to adapt to any new requirements or policies.

While Lacaze said she did not know what had prompted the review, she said Lynas ackwowledges the "absolute right" of the government to conduct a review, and pledged that the company "will cooperate with confidence in our performance". 

She also revealed that the company was planning to spend another RM66 million to raise its production at Gebeng. The company was also in talks for a downstream operation here that started from a recent investors' conference in Hong Kong. 

"There were members of the government there who were promoting Malaysia, that it’s a great place for downstream operations. We’ve had several detailed discussions with downstream processes -- but these are now all on hold,” she added.

On the impact to the company if the plant is ordered to shut down, Lacaze said Lynas has not considered that, for Lynas has been an excellent corporate citizens who has been transparent, and who has operated in full compliance with the law.

Lynas called for the press conference following the government's announcement that an evaluation committee has been set up to review Lynas's project in Kuantan, Pahang, and that it would be led by Fuziah Salleh, a deputy minister in the Prime Minister's Department and the Kuantan member of parliament.

Following the announcement, the company's shares tumbled over 24% to as low as A$1.59 on Sept 29, from A$2.10 on Sept 21. It settled at A$1.64 today.

In an open letter Lacaze wrote to the government and people of Malaysia, which she also read out today, she reiterated Lynas' concern that the committee is being chaired by a person who has openly admitted to being "anti-Lynas". And despite media reports about this committee, she said the company has yet to be notified about the membership of this committee, the scope of the review, and the terms of reference to be used.

Lacaze stressed that the company's operation in Gebeng are built based on the "zero harm" philosophy, be it to the people, the communities around it, or to the environment. "Independent monitoring confirms we have achieved this. We are compliant with our licence conditions and we work closely with Malaysian regulators to identify ways to continuously improve our operations."