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Lynas kicks off FY21 with 8% jump in rare earth output

The date of: 2020-10-22
viewed: 0

source:Seeking Alpha

Australia-based Lynas (OTCPK:LYSCF +3.9%) reported positive cash flow and a return to normal production levels for the September quarter after the COVID-related shutdown of its Malaysian operations crippled production for the June quarter

Posted a 8.1% rise in neodymium and praseodymium (NdPr) output as production normalized following the easing of coronavirus restrictions in Malaysia and Western Australia. Rare Earth Oxides production reached 4,110 tonnes.

Lynas said a NdPr production rate of 75% is enough to meet demand as the coronavirus crisis continues to weigh on demand.

Invoiced sales revenue reached A$87M, compared to A$38M a year ago.

The company became cash-flow positive by the end of September and with closing cash balance of $522M, boosted by A$425M equity raise during the quarter.

'Lynas continues to actively engage with all relevant governments regarding rare earths supply chain resilience and opportunities for governments to support local processing and manufacturing industries,' said CEO Amanda Lacaze

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