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: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Lynas , rare earths , Australia , Malaysia , China ,

   

Next In Business News

Nasdaq jumps 2% at open as Treasury yields ease
Bursa Malaysia Securities strike off two dealer’s representatives for violations of rules
SC grants Equitiestracker’s unit fund management licence
Hibiscus Petroleum to undertake capital reduction, share buyback
Ringgit higher against US dollar at close
The Coffee Bean and Tea Leaf eyes to open 140 outlets by year-end
LYC completes acquisition of aesthetic & beauty, dental clinics
Public tranche of Sunview IPO oversubscribed by 63.19 times
MSM appoints Mohd Nazrul Izam Mansor as director
Econpile wins RM24.6mil contract from Berjaya Construction

Others Also Read