Lynas widens loss, LAMP production ramping up
PERTH (miningweekly.com) – Rare earths producer Lynas has widened its interim loss for the period to December to A$59.3-million, from a A$54.5-million loss in the previous corresponding period, as the company continued to ramp up production in Malaysia.
Despite the widening loss, Lynas reported revenue of A$14.6-million following the production of 994 t of rare-earth oxide (REOs), and the sale of 627 t of REOs during the period under review.
Lynas told shareholders on Tuesday that production and sales of its REO products progressively increased during the final quarter of the 2012 calendar year, reflecting the progressive completion of work programmes at the Lynas Advanced Materials Plant (LAMP), in Malaysia.
During the last quarter, LAMP produced 741 t of REOs.
Meanwhile, in November last year, Lynas received administrative approvals for the Phase 2 LAMP assets, with the company implementing the use of some of the assets, including product finishing units and tunnel furnaces, to optimise its customer product range.
However, a decision to use the additional capacity of 11 000 t/y of REOs would be determined by market conditions.
Subsequent to the end of the period, Lynas also achieved its first kiln feed in the two rotary kilns in Phase 2. The cracking and leaching units were expected to provide further asset optimisation opportunities.
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