Australia's Lynas Rare Earths Ltd (LYC.AX) on Monday reported record revenue in its fourth quarter, as demand for the metals it mines that are used in electric vehicles, smartphones and military equipment spurred prices higher.
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 Burtonon Monday reported record revenue in its fourth quarter, as demand for the metals it mines that are used in electric vehicles, smartphones and military equipment spurred prices higher.
Relaxed coronavirus curbs, coupled with booming demand for electric vehicles amid a global push to reduce carbon emissions, have helped the rare earths market bounce back from last year's drop and led to a surge in prices. "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.
Lynas, the world's largest producer of rare earths outside China, said revenue rose to A$185.9 million in the three months to June 30 from A$38 million a year earlier. It said its full product range garnered an average selling price of A$39.1/kg during the June quarter, up from A$20.2/kg last year.Our Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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