News: LYC Lynas Reports Qtrly Total REO Production 4,348 REOt

April 21 (Reuters) - Lynas Rare Earths Ltd (LYC) :

• QTRLY TOTAL REO PRODUCTION 4,348 REOT VERSUS 4,945 TONNES REPORTED LAST YEAR
• QTRLY SALES REVENUE A$237.1 MILLION VERSUS A$327.7 MILLION REPORTED LAST YEAR
• WE RETAIN A TARGET FEED ON DATE FOR THE KALGOORLIE FACILITY IN Q4 FY2023
• QTRLY NDPR PRODUCTION 1,725 REOT VERSUS 1,687 REOT REPORTED LAST YEAR
• NUMBER OF DEBOTTLENECKING INITIATIVES HAVE BEEN IDENTIFIED AND ARE BEING CONSIDERED TO MAXIMISE PRODUCTION
• MT WELD EXPANSION PROJECT IS PROGRESSING AS PLANNED
• DEMAND FOR LYNAS' NDPR PRODUCT FAMILY FROM CUSTOMERS OUTSIDE CHINA REMAINED VERY STRONG DURING QUARTER
• CURRENT PRICING FOR HEAVY RARE EARTHS HAS SOFTENED AND WE HAVE CHOSEN TO RETAIN SOME SEG PRODUCT IN INVENTORY FOR FUTURE SALE
• FUTURE PRICING TRENDS WILL DEPEND MAINLY ON ECONOMIC RECOVERY IN CHINA AND ANTICIPATION OF CHINESE PRODUCTION QUOTAS FOR 2H 2023
• THE FIRST MREC FROM KALGOORLIE WILL LIKELY BE RECEIVED AT LYNAS MALAYSIA IN ABOUT AUGUST 2023
• PLANNING FOR EITHER A COMPLETE SHUTDOWN OR VERY LOW PRODUCTION AT LYNAS MALAYSIA FOR AT LEAST UP TO 3 MONTHS
• IF LYNAS MALAYSIA CRACKING LEACHING PLANT REQUIRED TO SHUTDOWN FROM 1ST JULY , WHOLE FACILITY TO SHUT IN MID-JULY UNTIL NEW MREC FEEDSTOCK RECEIVED