Australia’s Lynas quarterly revenue hits record on stronger demand, prices By Reuters

© Reuters. FILE PHOTO: 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 Burton

(Reuters) – Australia’s Lynas Rare Earths Ltd 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.

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 ($136.97 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.

($1 = 1.3576 Australian dollars)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2019 Billionaire Club Co LLC. All rights reserved

Loading the chat ...