Lynas Rare Earths has achieved $185.9 million in sales revenue after strong demand for the company’s neodymium and praseodymium (NdPr) oxide during the June quarter of 2021.
The company produced 3778 tonnes of rare earth oxide (REO) for the quarter, including 1393 tonnes of NdPr.
Lynas chief executive officer Amanda Lacaze said its REO production demonstrated the company’s resilience to COVID-19 challenges in Malaysia.
“Sales revenue of $185.9 million and sales receipts of $192 million were both records for the company,” Lacaze said.
“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.
“NdPr production of 1393 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.
“The achievements of our Malaysian team have been absolutely outstanding over the full duration of the pandemic and in the past quarter in particular.”
Lacaze said demand for NdPr had strengthened to pre-COVID levels with the average China domestic price reaching $US69.90 ($94.86) per kilogram in June due to increased activity from the automotive and fluid catalytic cracking sectors.
Lynas has also continued to advance its 2025 project strategy, which includes its rare earth processing facility in Kalgoorlie and United States-based rare earths processing facility.
Information requested by Western Australia’s Environment Protection Authority (EPA) for the Kalgoorlie facility was submitted during the quarter along with an updated environmental review document.
Lynas is preparing the Mt Weld rare earth deposit in Western Australia for its next mining campaign after it commissioned the second stack cell in late June and installation of a second concentrate dryer.
According to Lynas, the concentrate dryer will improve rare earth concentrate quality at Mt Weld with it expected to be in operation next quarter.