Australia's Lynas Rare Earths Ltd (LYC.AX) posted record quarterly revenue on Monday on the back of 'very strong' demand for its range of specialized metals that offset softer prices, sending its shares to a more than eight-year high.
A truck carrying rare earth travels towards Lynas Corp's Mount Weld processing plant, northeast of Perth, in Western Australia, August 23, 2019. Picture taken August 23. REUTERS/Melanie BurtonSofter prices in qtr due to "normal correction" - CEOposted record quarterly revenue on Monday on the back of "very strong" demand for its range of specialized metals that offset softer prices, sending its shares to a more than eight-year high.
Demand for rare earth materials such as neodymium and praseodymium has rebounded from a pandemic-driven drop last year as electric vehicles continue to gain popularity amid a global push to reduce carbon emissions. "Demand for Lynas products, in particular for our NdPr product family, continued to be very strong through the quarter, leading to record sales and cash collection," Chief Executive Officer Amanda Lacaze said in a statement.
Lynas produced 1,393 tonnes of NdPr in the quarter, up from 775 tonnes a year ago. Its full product range garnered an average selling price of A$39.1/kg, up from A$20.2/kg last year.
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