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(Kitco News) – Lynas Rare Earths, the only producer of scale of separated rare earths outside of China, today announced record quarterly sales revenue of A$119.4m achieved in December 2020 quarter (September quarter: A$87.3m).
The company said that this was the highest ever quarterly sales result for Lynas, with NdPr demand recovery and supply stabilization supporting a 31% increase in NdPr prices during the quarter. The company added that Dy prices increased by 18% during the quarter and Tb prices increased by 48%, supporting the sales of its SEG mix and Lynas’ strategic decision to invest in heavy rare earth separation.
The company’s NdPr production of 1,367 tonnes in December 2020 quarter (September quarter: 1,342 tonnes) was in line with the guidance. Lynas’ closing cash balance was A$512.6m.
Lynas’ progress on Kalgoorlie project continued including placing orders for key process equipment. Exploration at Mt Weld identified potential REE mineralisation below the current Mt Weld rare earths pit.
Lynas is the only producer of scale of separated rare earths outside of China and the second largest in the world. The company’s rare earths deposit in Mt Weld, Western Australia, is acknowledged as one of the highest grade rare earths mine in the world and Lynas operates the world’s largest single rare earths processing plant in Malaysia.