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Lynas increases rare earth production significantly

Rare earth producer Lynas (WKN 871899) can report a significant increase in neodymium and praseodymium (NdPr) production for its first (fiscal) quarter. Overall, the company was able to almost double its rare earth oxide production.

As Lynas announced today, NdPr production rose from 775 tons in the June quarter to 1,342 tons in the reporting quarter. That corresponds to around 75% of the original performance target, it said. According to the company, total production of rare earth oxides rose from 2,579 tons in the previous quarter to 4,110 tons now.

As CEO Amanda Lacaze pointed out, the 75% capacity utilization would be enough to meet demand from Lynas customers as long as the COVID19 uncertainty persists. The company reported sales of rare earth oxides for the reporting quarter at 4,499 tons, while 1,878 tons were sold in the previous quarter. Sales increased from 42 to 72 million AUD.

As Lacaze explained, Lynas also achieved positive cash flow in the past quarter.

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