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Australia's Lynas posts record revenue on robust demand, shares hit 8-year high

Australia's Lynas posts record revenue on robust demand, shares hit 8-year high

7/26/2021 5:35:00 AM

Australia's Lynas posts record revenue on robust demand, shares hit 8-year high

Australia's Lynas Rare Earths Ltd (LYC.AX) posted record quarterly revenue on Monday on the back of 'very strong' demand for its range of specialized metals that offset softer prices, sending its shares to a more than eight-year high.

2 minute readA truck carrying rare earth travels towards Lynas Corp's Mount Weld processing plant, northeast of Perth, in Western Australia, August 23, 2019. Picture taken August 23. REUTERS/Melanie BurtonSummaryLynas reports record quarterly revenue in Q4

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Q4 NdPr production up 79.7% from a year agoSofter prices in qtr due to "normal correction" - CEOJuly 26 (Reuters) - Australia's Lynas Rare Earths Ltd(LYC.AX)posted record quarterly revenue on Monday on the back of "very strong" demand for its range of specialized metals that offset softer prices, sending its shares to a more than eight-year high.

Lynas, the largest rare earths producer outside China, reported a jump in fourth-quarter revenue to A$185.9 million ($137 million), more than triple A$38 million a year earlier, pushing the stock up 9% to A$7.01, its highest since January 2013.Demand for rare earth materials such as neodymium and praseodymium (NdPr) has rebounded from a pandemic-driven drop last year as electric vehicles continue to gain popularity amid a global push to reduce carbon emissions. headtopics.com

NdPr is also used in magnets for windfarms, gadgets like smartphones, and military equipment, and Lynas and other western producers stand to benefit from efforts by the United States to curb its reliance on China for the specialized minerals."Demand for Lynas products, in particular for our NdPr product family, continued to be very strong through the quarter, leading to record sales and cash collection," Chief Executive Officer Amanda Lacaze said in a statement.

Lacaze said a drop in prices during the quarter was due to a "normal correction after the sharp and speculative increases seen in the previous months" and added that prices had strengthened again in July.Lynas produced 1,393 tonnes of NdPr in the quarter, up from 775 tonnes a year ago. Its full product range garnered an average selling price of A$39.1/kg, up from A$20.2/kg last year.

Lynas also said it had identified a second potential site in Malaysia to build a low-level radioactive waste disposal facility amid ongoing delays for clearance of an earlier site identified by the Pahang state government.($1=1.3576 Australian dollars)

Reporting by Tejaswi Marthi and Harish Sridharan, additional reporting by Shashwat Awasthi in Bengaluru; Editing by Sonya Hepinstall and Richard PullinOur Standards:More from ReutersSign up for our newsletterSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. headtopics.com

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Australia's Lynas quarterly revenue hits record on stronger demand, pricesAustralia's Lynas Rare Earths Ltd (LYC.AX) on Monday reported record revenue in its fourth quarter, as demand for the metals it mines that are used in electric vehicles, smartphones and military equipment spurred prices higher. horrible

Australia's Lynas quarterly revenue hits record on stronger demand, pricesAustralia's Lynas Rare Earths Ltd (LYC.AX) on Monday reported record revenue in its fourth quarter, as demand for the metals it mines that are used in electric vehicles, smartphones and military equipment spurred prices higher. horrible

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