Lynas sets records in Sept quarter
PERTH (miningweekly.com) – Rare earths miner Lynas has reported record sales revenue for the three months to September, along with record production and cash flows.
Lynas on Monday reported record production of 1 442 t of neodymium and praseodymium (NdPr) during the quarter, which was up 22.6% on the previous corresponding period and up 7.4% on the previous quarter.
Total rare earths production for the quarter was up 27.3% on the previous corresponding period, to 4 665 t, which was also up 14% on the previous quarter.
The company told shareholders that increases in production resulted from continued improvements in operational efficiency and greater recoveries of non-NdPr products.
Sales revenue for the quarter reached A$112-million, which was a 108% increase on the previous corresponding period and a 48% increase on the previous quarter.
“The September quarter has been an excellent quarter for the company. We have recorded significant improvements on all key measures of operating performance. Revenue, production and cash flow from operations all reached new record levels,” said CEO Amanda Lacaze.
Cash flows from operations increased to A$25-million in the quarter, up from A$15.8-million in the June quarter.
Looking ahead, Lacaze noted that Lynas was targeting sustained production of 500 t/m of NdPr, which is about 14% above design rates.
In the coming two quarters, the company will proceed with temporary scheduled shutdowns of two of its four kilns at the Lynas Advanced Materials Plant, in Malaysia, for regulatory inspections. As a result, total rare earth oxide and NdPr production output in the coming two quarters will be similar to the tonnage achieved in the September quarter.
However, by the end of the March quarter, the company expected to reach a sustainable run rate of 500 t of NdPr a month.
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