off-the-wire

Lynas Rare Earths’ annual profit slumps on weaker rare earths prices

Kitco Media
By Reuters
Published:
Updated:
Reuters
Lynas Rare Earths’ annual profit slumps on weaker rare earths prices teaser image

Lynas Rare Earths posted a 72.8% slide in its annual profit on Wednesday, hurt by weak realized prices and subdued demand from China for most of the year.

Floundering prices of rare earth metals has weighed on earnings of miners like Lynas, due to a combination of oversupply and weak demand from China

The world’s largest producer of rare earths outside China reported a net profit attributable to shareholders of A$84.5 million (US$57.38 million) for the year ended June 30 down from A$310.7 million a year ago.

The result beat the Visible Alpha consensus estimate of A$66.1 million.

The company did not declare a dividend for fiscal 2024.

($1 = 1.4725 Australian dollars)

(By Shivangi Lahiri; Editing by Arun Koyyur and Tasim Zahid)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.