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Lynas announces record sales

Kitco News

Australian miner Lynas Rare Earth said today sales revenue of A$119.4m (US$91.24 million) in the December quarter was the highest ever quarterly sales result.

Production was in line with guidance with NdPr production at 1,367 tonnes.

"While we cannot yet make a full assessment of the pandemic’s impact on global demand, the Rare Earth market appears to have been less affected by the crisis compared to some markets. Demand for electric vehicles has accelerated in Europe and Asia, which has more than compensated for the overall decrease in the automotive market," said Cheif Executive Officer Amanda Lacaze in a news release.

"Developing strategically reliable Rare Earth supply chains remains important to governments and end users. As the world’s second largest producer of separated Rare Earths, and the only significant producer outside of China, Lynas is in an ideal position to support supply chain diversity. Lynas continues to actively engage with all relevant governments regarding Rare Earths supply chain resilience and opportunities for governments to support local processing and manufacturing industries."

The company encountered reduced shipping schedules and delayed sailings due to COVID-19.

Progress on Kalgoorlie project continued including placing orders for key process equipment.

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