19 Jan Australia’s Lynas reveals record quarterly revenue on booming rare earths demand
Lynas Rare Earths posted record revenue in the second quarter of the Australian financial year, based on rising demand for the metals and minerals required for the global clean energy transition.
The ASX company’s revenue jumped nearly 70% to US$145.56 million for the December quarter. Lynas is focused on mining and refining rare earths, including neodymium and praseodymium (NdPr), in Australia and Malaysia.
Rare earths are a group of 17 minerals that are used in wind turbine generators, smartphones, military equipment and increasingly in magnets that power electric vehicle motors.
However, shipping delays and disruptions negatively impacted Lynas’ production of NdPr, with output falling to 1,359 tonnes in the quarter, the world’s largest producer of rare earths outside China said.
NdPr prices have nearly tripled over the past 14 months, as governments and corporates increase efforts to meet climate targets.
“Demand for Lynas products remained very strong during the quarter and favourable market conditions continued, with customers indicating their expectation of accelerated demand in the next quarter,” Lynas CEO Amanda Lacaze said.