Lynas Rare Earths' quarterly revenue slumps 47% on lower product prices (updated)

Ionic Rare Earths

31/07/2023 01:13

(Adds context, details on production and Kalgoorlie facility in
paragraphs 2-6)
       July 31 (Reuters) - Lynas Rare Earths Ltd  LYC.AX  on
Monday posted a 47% drop in fourth-quarter revenue on lower
prices for rare-earths products, and said it is targeting its
first production of mixed rare-earths carbonate (MREC) from
Kalgoorlie facility in September.
        Lynas, the world's largest producer of rare-earths
outside of China, said its sales revenue was A$157.5 million
($104.85 million) for the three-month period ended June 30,
compared with A$294.5 million a year ago, and consensus estimate
of A$216 million, according to Barrenjoey.
    The market price remained low for neodymium and praseodymium
(NdPr), used in making magnets that power electric motors, and
demand from customers outside China decreased, the company said
in a statement.
    The average selling price for the miner's product range came
in at A$38.9 per kilogram (kg), compared with A$79.2 last year. 
  
        Production of NdPr stood at 1,864 tons for the quarter,
compared with 1,579 tons a year earlier.
    Lynas added that final major construction activities for the
Kalgoorlie Rare Earths Processing Facility in Western Australia
continued during the quarter and full plant commissioning was
launched to handle cracking and leaching. 

    ($1 = 1.5022 Australian dollars)

 (Reporting by Ayushman Ojha and John Biju in Bengaluru; Editing
by Kim Coghill and Sherry Jacob-Phillips)
 ((John.Biju@thomsonreuters.com;
Ayushman.Ojha@thomsonreuters.com))