By Rhiannon Hoyle
Lynas Rare Earths said it produced more rare earths in its fiscal fourth quarter versus the three months immediately prior, including a record amount of its core neodymium-praseodymium product, but that revenue fell amid weak market prices.
The miner said it produced 1,864 metric tons of neodymium and praseodymium–used in magnets–in the three months through June, up from 1,725 tons in its fiscal third quarter. Total rare earths production was 4,475 tons, up from 4,348 tons the quarter prior.
However “external market dynamics, including softer demand for NdFeB [neodymium, iron and boron] magnets in Japan and China’s recent oversupply of La-Ce [lanthanum and cerium], resulted in lower market prices for rare earth materials during the period,” the company said.
Fourth-quarter sales revenue of 157.5 million Australian dollars (US$104.9 million) compared to A$237.1 million the quarter earlier. Lynas said its average selling price fell to A$38.90 a kilogram, from A$48.30 a kilogram.
Write to Rhiannon Hoyle at [email protected]
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