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(Kitco News) - Rare earth producer Lynas (ASX: LYC) (OTC: LYSDY) today announced "strong" operational performance in the June quarter 2023 with record NdPr production.
The company said its June quarter 2023 NdPr production of 1,864 tonnes was the highest ever quarterly production achieved at the Lynas Malaysia plant. The company’s total rare earth oxide production volume was 4,475 tonnes (June quarter 2022: 3,650 tonnes).
Lynas added this “excellent” performance is the result of effective operational equipment performance, continuous improvements managing upstream and downstream dependencies between Mt Weld and the Lynas Malaysia plant, and no significant downtime from external events.
The company also noted that Mt Weld achieved record quarterly production in the period, with sufficient concentrate produced to feed the Lynas Malaysia plant and build inventory for the Kalgoorlie facility.
Importantly, the company said that external market dynamics, including softer demand for NdFeB magnets in Japan and China’s recent oversupply of La-Ce, resulted in lower market prices for rare earth materials during the period.
“Sales revenue was A$157.5 million (June quarter 2022: A$294.5 million) and sales receipts were A$188.9 million (June quarter 2022: A$351 million), reflecting the lower market prices for rare earth products during the quarter,” it added.
According to Lynas, future rare earth products pricing trends will depend on the economic recovery in China and the Chinese production quota for the second half of 2023.
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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