Lynas Rare Earths has seen records tumble in its March quarterly report, as production levels returned to pre-pandemic levels in some areas.
The company achieved record production of neodymium and praseodymium (NdPr) at 1687 tonnes for the March quarter of 2022.
This included the first time Lynas had produced more than 600 tonnes of NdPr in March alone since 2019.
Lynas chief executive officer Amanda Lacaze said this was a significant effort in the face of mining’s latest adversities.
“This excellent result is a credit to our teams in both Malaysia and Australia who have achieved increased production whilst managing the ongoing effects of the COVID-19 pandemic, global supply chain disruptions and logistics challenges,” she said.
The company also produced 4945 tonnes of rare earths oxide in the March quarter, combining with NdPr and other products for record sales revenue of $327.2 million.
This was benefitted by a growing market for rare earths product as the world develops clean energy technology.
“The market price for NdPr continue to strengthen during the March quarter and our customers continue to advise that demand for rare earths remains strong, particularly in the automotive industry,” Lacaze said.
“We are focussed on developing initiatives to increase supply to support continued market growth.”
This growth was accelerated during the quarter by the approval for a Kalgoorlie rare earths processing facility.
The company also chartered its own ship to transport its rare earth concentrate from Western Australia to Malaysia, easing the impact of global shipping delays.
The company’s December quarterly report outlined that transit time for Lynas’ rare earth concentrate shipped from Fremantle Port to Kuantan Port increased from 15 days in March 2021 to 33 days in December 2021, so the company implemented its own solution.
In the March report, Lacaze said this was one of several avenues Lynas had explored to improve its output.
“Lynas remains closely engaged with a number of governments as they focus on securing diversified and resilient critical mineral supply chains,” she said.
To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.
Established in 1908, Australian Mining continues to lead and inform the Australian mining industry of the latest innovations in mining technology and equipment.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)