Wesfarmers has been unable to progress its proposed acquisition of Lynas and said it does not intend to pursue it further. Recently Lynas announced the Malaysian government renewed the operating license for its LAMP facility. During March, Wesfarmers offered to acquire Lynas for $2.25 a share, a bid that valued the company at $1.5 billion. The largest rare earth metals producer outside of China, Lynas operates the Mount Weld Mine in Western Australia, which ships concentrate to the LAMP processing facility in Malaysia.