Lynas quarterly revenue rises 14.8% on strong demand

The world’s largest producer of rare earths outside China said revenue rose to A$232.7mil (US$165.15mil or RM701mil) in the three months to Dec 31, compared with A$202.7mil (RM611.4mil) a year ago.

SYDNEY: Australia’s Lynas Rare Earths yesterday reported a 14.8% rise in second quarter revenue from growing demand for specialised metals used in components of electric vehicles amid a global push towards green energy and decarbonisation.

Demand for neodymium and praseodymium (NdPr), among the major minerals that Lynas mines and which are used to make magnets that power electric motors, has continued to grow as countries push to reduce carbon emissions to combat climate change.