- Lynas Rare Earths (LYC) sees record quarterly revenue as demand for rare earths surges
- The company reported revenue of $327.7 million for the three months ended March 31, 2022, up from $110 million for the same period last year
- Its cash position at the close of the latest completed quarter stood at $768.4 million
- Lynas produced 4,945 tonnes of rare earth oxides in the March quarter including record neodymium and praseodymium (NdPr) production of 1,687 tonnes
- The company realised an average selling price of $67.40 per kilogram, up from an average of $35.50/kg in the previous corresponding quarter
- LYC shares up 0.81 per cent to $9.91
Lynas Rare Earths (LYC) has posted record quarterly revenue as demand for rare earths surges.
The world’s largest producer of rare earths outside China reported revenue of $327.7 million for the three months ended March 31, 2022, up from $110 million for the same period last year.
Its cash position at the close of the latest completed quarter stood at $768.4 million.
Lynas produced 4,945 tonnes of rare earth oxides in the March quarter including record neodymium and praseodymium (NdPr) production of 1,687 tonnes.
The company realised an average selling price of $67.40 per kilogram, up from an average of $35.50/kg in the previous corresponding quarter.
Demand for NdPr has soared over recent years, with the product used by automakers to make magnets for electric vehicles, while other rare earths are also used in a wide range of goods such as mobile phones and laptops.
“This excellent result is a credit to our teams in both Malaysia and Australia who’ve achieved increased production while managing the ongoing effects of the COVID-19 pandemic global supply chain disruptions and logistic challenges,” Managing Director and CEO Amanda Lacaze said.
“We are particularly proud to achieve over 600 tonnes of NdPr production in March for the first time since the pandemic began.
“The market price for NdPr continued to strengthen during the March quarter and customers continue to advise demand for rare earths remains strong particularly in the automotive industry. We are focused on developing initiatives to increase supply to support continued market growth.”
LYC shares were up 0.81 per cent to $9.91 at 11:13 am AEST.