Toyo-Thai wins second phase of Lynas Corporation's rare earth refinery in Malaysia

Construction News

The SET-listed contractor Toyo-Thai Corporation (TTCL) has won a 6-billion-baht contract to build the second phase of Lynas Corporation’s rare earth refinery in Malaysia.

TTCL will provide engineering, procurement, construction and commissioning assistance in the expansion of the Lynas advanced materials plant in Pahang state’s Gebeng industrial estate.

The plant’s first phase is due to be completed this year.

The project owner is Lynas Malaysia Sdn Bhd, a subsidiary of Lynas Corporation Plc, a large company listed on the Australian Securities Exchange.

Winning this project doubles the Thai company’s backlog to more than 12 billion baht.

Rare earths, also known as lanthanides, play a key role in “green” products, from energy-efficient, compact fluorescent light bulbs to hybrid cars, automotive catalytic converters and wind turbine generators.

They are also essential in the development and manufacture of many modern technological products, from hard-disk drives to flat panel displays, iPods and magnetic resonance imaging scans.

TTCL will start construction of the second phase next month for completion late next year, said Mr Suvit, adding that revenue from the project will start being realised immediately and the firm expects 40% growth this year.

TTCL expects full-year revenue of 7 billion baht, up from 5.2 billion last year.

TTCL shares closed yesterday on the Stock Exchange of Thailand at 9.15 baht, up 75 satang or 9%, in trade worth 111 million baht.


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