PERTH (miningweekly.com) – Rare earths miner Lynas has reported record sales revenues of A$327.7-million for the three months to March, as market demand increased.
Sales revenue in the previous quarter reached A$202.7-million.
Lynas on Tuesday reported that total rare earths production increased from 4 209 t to 4 945 t, while, neodymium praseodymium (NdPr) production increased from 1 359 t to 1 687 t, setting a new record for Lynas.
Debottlenecking initiatives continued at the Mt Weld operation, in Western Australia, during the quarter to ensure supply for increased production rates at Lynas Malaysia. Lynas told shareholders that continuity of supply in light of global shipping delays and disruptions remains a focus and Mt Weld continued to use charter vessels for concentrate shipments from Fremantle to Malaysia, in combination with commercial shipments, during the quarter.
“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 the automotive industry. We are focused on developing initiatives to increase supply to support continued market growth,” said Lynas CEO Amanda Lacaze.
“Lynas continues to receive many approaches from end-users seeking to secure their raw material sourcing over the longer term and is engaged in productive discussions with a number of these end-users. The neodymium magnet market continued to record robust growth, despite many downstream industries dealing with a reduced workforce due to the Covid-19 pandemic and the global shortage of semi-conductors during the period. This market growth supported the strong demand for Lynas’ NdPr product family and heavy rare earth compound.”
In Kalgoorlie, Lynas continued to progress its rare earth processing center, having received full construction approvals in February.
The cracking and leaching plant forms part of the company’s 2025 growth plans and will see Lynas upgrade the rare earth concentrate from the Mt Weld operation, which is currently exported to Malaysia.