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Lynas announces record rare earth sales

Kitco News

Australian rare earth producer Lynas said today its quarterly sales revenue was A$185.9 million, up from A$110 million in Q3 FY21.

Sales receipts were A$192 million, compared to Q3 FY21's A$133 million.

The company's closing cash balance was A$680.8 million.

Lynas' total rare earth oxide production was down, was 3,778 tonnes as opposed to Q3 FY21's 4,463 tonnes.

The Lynas CEO touted the results.

This result reflected sustained demand for Lynas NdPr products and strong market pricing, as end users and governments around the world continue to recognise the need for a diversified supply of responsible rare earth materials.

Total REO production was 3,778 tonnes. NdPr production of 1,393 tonnes was a slight improvement on the preceding quarters. This is an excellent result given continuing challenges presented by the ongoing pandemic, particularly in Malaysia.

Regarding projects, Lynas said it commenced preliminary site works for the Kalgoorlie Project. A final Environmental Review Document (ERD) was submitted to the EPA.

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