Lynas Rare Earths Ltd on Monday posted a 47 per cent 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. – Reuters
