PERTH (miningweekly.com) – Rare earths miner Lynas has reported its first net profits after tax for the full year ended June, while earnings before interest, taxes, depreciation and amortisation (Ebitda) also increased significantly.
Net profit after tax for the financial year reached A$53.1-million, compared with a loss of A$500 000 in the previous financial year.
“This result is the culmination of four years of intense focus on operational excellence and customer development,” said Lynas CEO and MD Amanda Lacaze.
“During 2018, we increased production, strengthened our portfolio of customers in key markets, achieved record sales and our group debt reduced by 61%. Lynas is now recognised as a proven and profitable producer of rare earth materials positioned to grow with the market.”
Ebitda for the full year increased from A$29.4-million to A$121.9-million, while revenue grew from A$257-million to A$374.1-million, as neodymium and praseodymium (NdPr) production increased from 5 223 t to 5 444 t.
Lynas is in the midst of completing it’s A$35-million NEXT project, which is aimed at increasing output and expanding the project range. At its completion, production of NdPr will increase to a sustainable 600 t/m. In addition, new separation and processing capability will deliver a broader and more differentiated product range allowing Lynas to participate in expanded and higher value segments.
Work on the NEXT project will be completed by the end of December this year.