Fourth-quarter revenue for Lynas improves owing to higher demand for rare earths

Monday, Lynas Rare Earths Ltd announced a 58 percent rise in quarterly revenues as a result of the increasing global demand for renewable energy sources.

Demand for rare earth minerals, which are utilized in everything from autos to computers to missiles, has soared in recent years as nations and industries have sought to decrease carbon emissions.

While Lynas' fourth-quarter sales climbed by more than three-fifths year-over-year to A$294.5 million ($199.97 million), the miner recorded a decline in revenue from the previous quarter's A$327.7 million.

Similarly, the company revealed that the miner's quarterly rare-earths oxide (REO) output declined by 26.2% sequentially owing to water supply concerns in Malaysia.

The company's quarterly production of neodymium and praseodymium (NdPr) dropped from 1,687 tonnes in the March quarter to 1,579 tonnes in the June quarter.

Automobile manufacturers generally use minerals such as NdPr to create magnets for electric cars.

In addition, Lynas' reported a range-wide average selling price of A$79.2 per kilogram, which is double the previous year's pricing.