Lynas Corp., developing the world’s largest rare-earth refinery in Malaysia, climbed the most in more than three years in Sydney trading after receiving a permit to start production following months of delays.
The race to open a $40 billion coal region in Australia is being led by billionaires Gina Rinehart and Clive Palmer. Victory depends on who wins approval to build a 500-kilometer (310-mile) railroad to the coast.
Coal prices may rise after flooding and rainfall in Australia, the world’s biggest exporter of the commodity, disrupted production from mines in Queensland owned by companies including Rio Tinto Group and Macarthur Coal Ltd.
Record coal deals this year have slashed the number of potential targets in Australia, the world’s largest exporter. The combination of Whitehaven Coal Ltd. and Aston Resources Ltd. looms as the last prize standing.
BHP Billiton Ltd. , Xstrata Plc and 11 other coal miners in Australia bid A$4.85 billion ($4 billion) for the nation’s biggest coal railroad to head off the state government’s planned initial public offering.