News: LYC Lynas Says Qtrly Sales Revenue A$112.5 Mln

Jan 22 (Reuters) - Lynas Rare Earths Ltd (LYC) :

• QTRLY SALES REVENUE A$112.5M VERSUS A$232.7 MILLION REPORTED LAST YEAR
• QTRLY TOTAL REO PRODUCTION 1,566 REOT VERSUS 4,457 REOT REPORTED LAST YEAR
• QTRLY NDPR PRODUCTION 901 REOT VERSUS 1,508 REOT
• MT WELD EXPLORATION HAS CONTINUED APACE AND WE HAVE RELEASED A REPORT ON SUCCESSFUL COMPLETION OF EXPLORATION DRILLING PROGRAM
• FOLLOWING END OF QUARTER, MT WELD IS MOVING BACK TO MAXIMUM PRODUCTION RATES
• MT WELD MOVING BACK TO MAXIMUM PRODUCTION RATES TO SUPPORT LYNAS MALAYSIA AND KALGOORLIE FACILITY WITH REQUIRED FEED STOCK
• RARE EARTH MARKET PRICE CONTINUED TO BE SUBDUED DUE TO LOW DEMAND IN CHINA
• PRODUCTION IN THE MARCH QUARTER IS NOW EXPECTED TO BE APPROXIMATELY 1,500 TONNES FOR MALAYSIA OPERATIONS
• MREC FROM KALGOORLIE FACILITY IS EXPECTED TO BE PROGRESSIVELY INTRODUCED TO LYNAS MALAYSIA PLANT COMMENCING LATE IN MARCH QUARTER 2024
• MT WELD EXPANSION PROJECT REMAINS ON TRACK
• CHINA'S ECONOMIC RECOVERY IS SEEN AS MAIN FACTOR WHICH COULD POSSIBLY TRIGGER A CHANGE IN RARE EARTH MARKET PRICE TREND
• PRODUCTION FOR 6 MONTHS TO JUNE EXPECTED TO INCREASE SLIGHTLY FROM PREVIOUS ESTIMATE TO BE IN RANGE OF 3,200 TO 3,400 TONNES FOR MALAYSIA OPERATIONS
• FIRST FEED OF MATERIAL FROM MT WELD WAS INTRODUCED INTO KALGOORLIE FACILITY IN DECEMBER 2023
• IN FUTURE, THE KALGOORLIE FACILITY IS EXPECTED TO ALSO FEED MREC TO THE NEW LYNAS SEADRIFT FACILITY IN TEXAS