Australiaâs Lynas quarterly revenue hits record on stronger demand, prices
(Reuters) â Australiaâs Lynas Rare Earths Ltd on Monday reported record revenue in its fourth quarter, as demand for the metals it mines that are used in electric vehicles, smartphones and military equipment spurred prices higher.
Relaxed coronavirus curbs, coupled with booming demand for electric vehicles amid a global push to reduce carbon emissions, have helped the rare earths market bounce back from last yearâs drop and led to a surge in prices.
âDemand for Lynas products, in particular for our NdPr product family, continued to be very strong through the quarter, leading to record sales and cash collection,â Chief Executive Officer Amanda Lacaze said.