Lynas quarterly revenue hits record


Amanda Lacaze, managing director and chief executive officer of Lynas Corp., poses for a photograph during the 2016 Diggers & Dealers Mining Forum in Kalgoorlie, Australia, on Tuesday, Aug. 2, 2016. Lynas, the only remaining major producer of rare earths outside China, says prices aren't reflecting the strong demand for its materials that are used in everything from hybrid vehicles to wind turbines. Photographer: Carla Gottgens/Bloomberg

Australia's Lynas Rare Earths Ltd on Monday reported record revenue in its fourth quarter, as demand for the metals it mines that are used in electric vehicles, smartphones and military equipment spurred prices higher.

Relaxed coronavirus curbs, coupled with booming demand for electric vehicles amid a global push to reduce carbon emissions, have helped the rare earths market bounce back from last year's drop and led to a surge in prices.

Amanda Lacaze, managing director and chief executive officer of Lynas Corp., poses for a photograph during the 2016 Diggers & Dealers Mining Forum in Kalgoorlie, Australia, on Tuesday, Aug. 2, 2016. Lynas, the only remaining major producer of rare earths outside China, says prices aren't reflecting the strong demand for its materials that are used in everything from hybrid vehicles to wind turbines. Photographer: Carla Gottgens/BloombergAmanda Lacaze, managing director and chief executive officer of Lynas Corp., poses for a photograph during the 2016 Diggers & Dealers Mining Forum in Kalgoorlie, Australia, on Tuesday, Aug. 2, 2016. Lynas, the only remaining major producer of rare earths outside China, says prices aren't reflecting the strong demand for its materials that are used in everything from hybrid vehicles to wind turbines. Photographer: Carla Gottgens/Bloomberg

"Demand for Lynas products, in particular for our NdPr product family, continued to be very strong through the quarter, leading to record sales and cash collection," Chief Executive Officer Amanda Lacaze (pic above) said.

Lynas, the world's largest producer of rare earths outside China, said revenue rose to A$185.9 million ($136.97 million) in the three months to June 30 from A$38 million a year earlier.

It said its full product range garnered an average selling price of A$39.1/kg during the June quarter, up from A$20.2/kg last year. ($1 = 1.3576 Australian dollars)

The world's largest producer of rare earths outside China said revenue rose to A$185.9 million ($136.9 million) in the three months to June 30 from A$38 million a year earlier. ($1 = 1.3576 Australian dollars) -The world's largest producer of rare earths outside China said revenue rose to A$185.9 million ($136.9 million) in the three months to June 30 from A$38 million a year earlier. ($1 = 1.3576 Australian dollars) - - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Lynas , rare earths , Australia , Malaysia , China ,

   

Next In Business News

HeiTech Padu wins RM36.2mil MySikap contract
Soaring gas prices ripple through heavy industry, supply chains
Glomac profit tumbles in May-July quarter due to lockdown�
High flying Opcom makes RM2.6mil net profit in Q1
KLCI steps back 1.42 points as telcos weigh
Maybank extends over RM77bil in repayment assistance to customers as at Aug 31
CIMB targets RM30bil in sustainable finance by 2024
Indonesian shares lead Asia recovery on Evergrande assurance
Oil prices rise over US$1 after report of big draw in U.S. crude stocks
Ecomate offers 49m new shares under IPO

Stories You'll Enjoy


Vouchers