Lynas operating from a solid base - Lacaze
PERTH (miningweekly.com) – Rare earths miner Lynas has reported a strong second quarter ended December, with the company producing 949 t of neodymium/praseodymium (NdPr).
The Lynas Advanced Materials Plant, in Malaysia, produced 3 166 t of rare-earth oxides during the quarter ended December.
The second quarter production results compared with the 968 t of NdPr and 3 171 t of rare-earth oxides produced in the September quarter.
“The results of the second quarter of 2016 reflect the continued strong and stable foundation on which Lynas now operates, confirming its position as the only sustainable mine and producer of rare earths outside of China,” said CEO Amanda Lacaze.
“The company delivered solid production output, and efficient cost and cash management in the quarter. As a result, in a market where prices for rare earth-products stayed very low, with industry profitability at historically low levels, Lynas was able to deliver an essentially breakeven result.”
Sales volumes for the quarter ended December reached 3 082 t of rare earths, compared with the 2 691 t sold in the previous quarter. Gross revenue for the quarter also increased from A$46.2-million to A$49.5-million.
“Although the rare earths market remained challenging throughout the quarter, Lynas gained strong support from its balanced portfolio of Japanese, Chinese and European customers. Particularly pleasing was the company’s ability to successfully establish new strategic customer relationships within China and for the first time, contract supply agreements for the quarter, rather than participating on a spot price basis only,” Lacaze added.
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