Lynas hits records for revenue, NdPr production on strong rare earths demand

Apr. 12, 2022 7:32 AM ETLynas Rare Earths Limited (LYSCF)LYSDYBy: Carl Surran, SA News Editor

Rare Earth Elements

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Lynas Rare Earths (OTCPK:LYSCF) on Tuesday reported quarterly records for revenues and production, as demand for specialized metals surged in the global push to electrify vehicles.

The world's largest producer of rare earths outside China said revenue rose to A$327.7M (US$243.1M) in its FQ3 from A$110M in the year-earlier quarter and A$202.7M in FQ2.

Lynas also said production of neodymium and praseodymium jumped 24% Y/Y to 1,687 metric tons during the quarter, also a company record, while total rare earths production was 4,945 metric tons at an average selling price of A$67.40/kg, up from A$35.50/kg in the previous year.

"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 automotive industry," Lynas said.

FQ3 earnings call transcript

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