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Lynas reports record sales revenue in Q2 as rare earth prices soar

The date of: 2021-01-29
viewed: 11

source:Nasdaq

Jan 29 (Reuters) - Australia's Lynas Rare Earths Ltd LYC.AX said on Friday its sales revenue for the December quarter jumped to a record high, helped by a rise in neodymium and praseodymium (NdPr) demand and prices.

Rise in demand for electric vehicles in Europe and Asia compensated for the overall fall in demand in the automotive market, Lynas added.

The company had said in November that demand was likely returning to pre-pandemic levels, especially in China and Japan.

The world's largest producer of rare earths outside China said production of NdPr rose 7.6% for the quarter, while prices surged 31%.

The company's second-quarter sales revenue jumped 39% to A$119.4 mln ($91.74 mln).

Overall sale of rare earth oxides stood at 4,052 tonnes at an average price of A$29.5/kg, up from 3,507 tonnes a year earlier.

Rare earths are critical minerals used in a wide range of everyday goods, including magnets and electric cars, and have become a key strategic consideration for Washington as it looks to reduce United States reliance on China, the world's biggest producer of these minerals.

The company added that its Kalgoorlie Rare Earths Processing project was progressing, and it had placed orders for key process equipments for the site. During the previous quarter, Lynas had raised A$425 million ($327.42 million) to help fund the project's development.

($1 = 1.3016 Australian dollars)

(Reporting by Soumyajit Saha in Bengaluru; Editing by Vinay Dwivedi)

((Soumyajit.Saha@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



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