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(Kitco News) - Rare earth producer Lynas (ASX: LYC) (OTC: LYSDY) today announced "excellent" operational results in the March quarter 2023 with record NdPr production.
The company said that its March quarter 2023 NdPr production of 1,725 tonnes was the highest ever quarterly production at the Lynas Malaysia plant, adding that this result was achieved despite a general shutdown of the Lynas Malaysia plant for over 3 days whilst tie-in works were undertaken.
However, Lynas noted that its total rare earth oxide production volume was lower at 4,348 tonnes (March quarter 2022: 4,945 tonnes) due to a supplier shortage of hydrochloric acid which led to lower La and Ce production.
"This shortage did not affect NdPr production and we were able to maintain a minimum supply of La and Ce to our key customers," the company said in a press release.
Lynas added that demand for the company’s NdPr products from customers outside China remained "very strong" during the quarter.
The company also reported it generated sales revenue of A$237.1 million in March quarter 2023(March quarter 2022: sales revenue of A$327.7 million) despite a decrease in the average selling price.
Lynas Rare Earths is the world's only significant producer of separated rare earth materials outside of China. The company's Mt Weld mine in Western Australia is acknowledged as one of the world's premier rare earths deposits.
Lynas also operates the world's largest single rare earths processing plant in Malaysia where it produces high-quality separated rare earth materials for export to manufacturing markets in Asia, Europe and the United States.
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