Lynas Reports Record Quarter Rare Earths Demand Spikes
Lynas Rare Earths has reported a spike in sales during Q2 as demand for its products continues.
Revenue for the three months ending June 30 came to $185.9 million compared to just $38 million in the previous year.
The sales increase is in line with a similar surge in Lynas’s average selling price, from $20.20 to $39.10 per kilogram, as the global demand for electric vehicles helps to reverse last year’s market drop-off.
“This result reflected sustained demand for Lynas’s neodymium and praseodymium (NdPr) products and strong market pricing, as end users and governments around the world continue to recognise the need for a diversified supply of responsible rare earth materials,” said Lynas CEO, Amanda Lacaze.
In addition to its use in electric vehicles, NdPr is also used in magnets for windfarms, in electronics such as smartphones and for military applications.