if Lynas is sincere, it should relocate its corporate HQ to Malaysia, then operate the refinery in West Australia.
No infrastructure? You can always set up a plant near port Freemantle, so no need to ship rare earth ore to Kuantan to process.
No water? Hey! You mean Australia is so bad that there's no enough water supply in Freemantle?
No upstream industries? We can alway ship you whatever chemical that you can find in Kuantan, no issue, we can also sell you cheap, definitely cheaper in terms of weight as compare to the ore, hence shipping cost.
Tax break? Why not you apply in your home country then? I believe the Australian government, who wanted to control world rare earth supply, will be more than happy to do so.
350 jobs? You can always hire our brave souls who are willing to work for you, or you can create 350 jobs in Australia, your choice.
So bring your HQ here, put your refinery there, and we will trust you do good for us