Lynas makes record quarter for rare earths

Australia’s biggest producer of rare earths Lynas rare earths has reported record sales revenue of $327.2 million in the quarter to March 31 as the company benefitted from high prices and recovered from Covid related production interruptions.

Both its Western Australian mine and Malaysian rare earths production facility increased production in the quarter and sales receipts reached a record of $262 million.

Lynas, which is building a further processing facility at Kalgoorlie, told investors it has produced a record 1,687 tonnes of neodymium and praseodymium (NdPr), which is a key component of permanent magnets used in electric vehicles, computer drives, medical devices and defence equipment.

Total rare earth oxide production of 4,945 tonnes was achieved in the quarter, with NdPr production exceeding 600 tonnes in March for the first time since the pandemic began.

Lynas is the only significant producer of the critical metals outside China.

“The market price for NdPr continued to strengthen during the March quarter and our customers continue to advise that demand for rare earths remains strong, particularly in automotive industry.

“We are focused on developing initiatives to increase supply to support continued market growth.”

Picture: Lynas Malaysia

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