Lynas achieves record selling prices, opts for 75% production in Malaysia
Rare earth miner Lynas (ASX:LYC) said today that its quarterly total rare earth oxide production was 4,463 tonnes, up from 3,410 tonnes during the previous quarter.
Quarterly sales revenue was A$110 million, down slightly from A$119.4 million realized in the previous quarter.
The company said it has a closing cash balance of A$568.5 million.
Lynas said prices for rare earth were up.
"The market price for NdPr increased during the quarter. Demand for Dysprosium increased and Terbium stabilised during the quarter. Our NdPr and SEG selling prices reached new records and the average selling price across our full product range was A$35.5/kg during the quarter," wrote Lynas in a news release.
At its operations in Southeast Asia, the company is opting for lower production.
"In line with previous advice, Lynas Malaysia continues to operate at approximately 75% of Lynas NEXT production rates, equivalent to original nameplate production. We continue to assess increasing production rates. At this stage we have elected to remain at 75% of Lynas NEXT rates as it allows us to maintain our strict COVIDrelated health and safety protocols and manage variability in the external environment, particularly related to inbound and outbound logistics."
The company noted that a judicial review application has been lodged in Malaysia "...challenging the processes followed during the August 2019 renewal of the Lynas Malaysia operating licence. The hearing of that judicial review application is now scheduled for 18 May 2021."