August 26, 2012 (Source: Lynas) -- Lynas Corporation today announced plans to invest in a range of programmes aimed at building an innovative approach to creating shared value in host communities.
“Our vision is firmly anchored in the creation of shared value through co-operative economic development,” said Lynas Executive Chairman Nicholas Curtis.
“This initiative has been established to identify further projects that increase productivity and capability within the community. It has the potential to unleash a new wave of socio-economic growth.”
The economic benefits derived from the Lynas Advanced Materials Plant (LAMP) have already had a significant impact in economic development in the region through the creation of employment opportunities, technology transfer and development of new capacity in service and supply activities by local industries valued at over MYR450 million per annum.
The attraction of new investment in high technology sector and spin-off for a cluster of local industries will add to this under the Shared Value Initiative.
“Our understanding of the potential of shared value is just beginning. It goes beyond the direct economic impact of our current investments.
By reconceiving our plant outputs into valuable, new co-products and markets; by redefining productivity in the value chain; and by facilitating local cluster development and the involvement of local entrepreneurs to venture into high tech industry using rare earth products, we can help find profitable solutions that support host community aspirations.”
“We’re looking at our decisions and opportunities through the lens of shared value. We believe this will lead to new approaches that generate greater innovation and growth for our company – and also greater benefit for the communities in which we operate.”
Today’s announcement follows an earlier commitment to fund additional research and development by investing from revenues generated by the LAMP.
These research and development activities will be aimed at supporting Malaysia’s economic goals and will see the sponsorship of research activity within Malaysia.
Mr Curtis said, “The promotion of research and development activities in local higher education institutions underscores the importance we place in this area.
“Alliances between business and the education sector can lead to sustainable programs that deliver enormous benefits to the community.
“Lynas views education as crucial to opening up choices in life – it enables young entrepreneurs to seize opportunities, helping them to fulfill their potential.
“As Lynas’ business expands, it is entirely appropriate that our social investment portfolio increases in conjunction. Lynas firmly believes that our long term success depends on being able to strike equal importance for co-operative economic development, care for the environment and communities, and for social development.”
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