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.
Lynas said it continues to receive inquiries from potential new customers, mainly auto-part makers and new magnet manufacturing projects outside of China.
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.
The company also said that prices for rare earths stabilised during the quarter and that future pricing trends will depend mainly on the economic recovery in China.
Lynas raked in an average selling price of A$62.5 (RM187.64) per kg for its product range, compared with A$54 (RM162.90) per kg last year.
Quarterly output of NdPr came in at 1,508 rare earth oxide tonnes (REOt) compared with 1,359 REOt a year earlier.
The Australian miner’s production and revenue also improved sequentially from the last quarter, following the easing of water supply disruptions at its plant in Gebeng Industrial Estate in Pahang, Malaysia. — Reuters