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Analysts remain unimpressed by the financial position of Laverton-focused miner Lynas Corporation despite last week’s legal win that will allow it to operate the world’s largest rare earths refinery in Malaysia.

Deutsche Bank and JP Morgan have warned of difficulties and shortfalls in achieving free cash flows and the possibility of further delays to the plant. The miner said on Friday it will tap investors for as much as $200 million of fresh capital to finish building the facility. After long delays due to opposition on environmental grounds, Lynas on Thursday received Malaysian court permission to begin operating a controversial processing plant in Gebeng, Malaysia.

The Kuantan High Court ruled against Malaysian activists that had sought an injunction against Lynas’ temporary operating licence for the plant. The extra funds will be used for working capital and general corporate purposes during commissioning and ramp-up at the Lynas Advanced Materials Plant in Malaysia.

Deutsche Bank warned clients that legal proceedings against the Malaysian Atomic Energy Licensing Board’s decision were continuing.

Further delays brought downside risks to first cash flow, still an estimated five months away, it said.

Lynas can access only another $80m in debt, with Deutsche Bank estimating that it requires $120m to fund the plant.

“Any other funding will need to come from forward sales or equity in our view,” it said.