Demand for rare earth minerals – which are used in everything from cars to laptops to missiles – has skyrocketed in recent years as countries and companies seek to reduce carbon emissions.
While Lynas’ fourth-quarter revenue rose nearly three-fifths year-on-year to A$294.5 million ($199.97 million), the miner posted lower revenue than the third quarter. quarter of A$327.7 million.
Similarly, the miner’s quarterly production of rare earth oxide (REO) fell 26.2% year-on-year as the company experienced water supply disruptions in Malaysia, he said.
The company also reported quarterly production of 1,579 tonnes of neodymium and prasodymium (NdPr), down from 1,687 tonnes in the March quarter.
Minerals like NdPr are mainly used by automobile manufacturers to make the magnets used in electric vehicles.
Lynas’ also posted an average selling price of A$79.2 per kilogram for its product range, double the value it achieved last year.
($1 = 1.4728 Australian dollars)