Tuesday, 29 October 2024
Home Topics Business Australia’s Lynas Rare Earths first-quarter revenue falls nearly 6%
BusinessCritical MineralsFinanceNews

Australia’s Lynas Rare Earths first-quarter revenue falls nearly 6%

7
A small toy figure and mineral imitation are seen in front of the Lynas Rare Earths logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
A small toy figure and mineral imitation are seen in front of the Lynas Rare Earths logo in this illustration taken November 19, 2021. — REUTERS/Dado Ruvic/Illustration/File Photo

Australia’s Lynas Rare Earths reported a nearly six per cent decline in first-quarter revenue on Wednesday due to falling prices for strategic minerals and muted demand.

Rare earth prices sustained at low levels during the quarter with a slight improvement in neodymium and praseodymium (NdPr) prices towards the end, the company said.

The largest producer of rare earths outside China reported sales revenue of A$120.5 million for the three months ended Sept. 30, down from A$128.1 million in the same period last year.

The average selling price for the rare earth miner’s product range came in at A$42.5 per kilogram (kg) compared with a restated number of A$46.9 per kg a year ago.

Total rare-earth oxide output for the first quarter was at 2,722 REO tons, compared to 3,609 REO tons reported last year.

Rare earth metals are essential for industries like electric vehicles and defense due to their powerful magnetic properties, which contribute to increased energy efficiency.

(Reporting by Sneha Kumar and Roshan Thomas in Bengaluru; Editing by Maju Samuel)

Related Articles

FILE PHOTO: A solar field is seen on site at First Solar in Perrysburg, Ohio July 8, 2022.  Picture taken with drone. REUTERS/Megan Jelinger/File Photo
BusinessCourtsElectricityRegulationsSolarTrade

First Solar says several large rivals are infringing on patents

First Solar claims patent infringements by rivals, notifying Canadian Solar, JA Solar,...

FILE PHOTO: A flare burns off excess gas from a gas plant in the Permian Basin in Loving County, Texas, U.S., November 21, 2019. Picture taken November 21, 2019.  REUTERS/Angus Mordant/File Photo
BusinessEmissionsEnvironmentInfrastructureOilRegulations

US sets new safety measures as deep sea oil drillers test new depths

New BSEE rules for ultra-high pressure offshore drilling follow Chevron's breakthrough Anchor...

FILE PHOTO: Miniatures of solar panel and electric pole are seen in front of First Solar logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
BusinessEconomyElectricityFinanceSolar

First Solar lowers annual sales forecast, posts rise in Q3 profit

First Solar cuts its 2024 sales forecast to $4.10–$4.25 despite a 16.6...

In this Sept. 18, 2024 file photo, a billboard supporting offshore wind power projects sits on a roadside near land-based wind turbines in Atlantic City, N.J. (AP Photo/Wayne Parry, file)
AnalysisBusinessElectricityEnvironmentOffshore WindPolitics

Offshore wind industry says ‘misinformation’ from foes is a strong headwind it must fight

The U.S. offshore wind industry is combating disinformation about wind farms, including...

Login into your Account

Please login to like, dislike or bookmark this article.