Lynas Reports Excellent Results for June Quarter

Lynas Corp Ltd of Australia has reported sales revenue of AUS$185.9 million (US$137.0 million) and sales receipts of AUS$192 million (US$141.5 million) in the quarter ended June 30, 2021. This compares with sales revenue of AUS$38 million (US$27.9 million) and sales receipts of AUS$42 million (US$30.8 million) in the corresponding period of 2020. The company says that the result reflects sustained demand for Lynas’ NdPr products and strong market pricing.

The company’s total rare earth oxide (REO) production was 3,778 tonnes. NdPr production of 1,393 tonnes was a slight improvement on the preceding quarters. Total sales volume rose from 1878 tonnes in the 2020 quarter to 4758 tonnes in the latest quarter.

NdPr market prices softened throughout the quarter, representing a slight correction on the increases in previous months. The average China Domestic Price for NdPr was US$69.6/kg for the quarter. Lynas notes that demand for catalyst from the automotive and fluid catalytic cracking sectors is back to pre-COVID 19 levels.

The company says that progress on its Lynas 2025 projects including the rare earth processing facility in Kalgoorlie, Western Australia and the proposed integrated U.S. rare earths processing facility. Detailed and design work for the heavy rare earths facility was submitted to the U.S. government in line with the U.S. Department of Defense (DoD) phase I milestones. The DoD is now conducting a merit evaluation of the submission.

Volume 35, Issue 16

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