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Australia's Lynas quarterly revenue hits record on stronger demand, prices

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.

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Strong rare earths demand drives record revenue at Australia's Lynas

Strong rare earths demand drives record revenue at Australia's Lynas
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Strong rare earths demand drives record revenue at Australia's Lynas
A truck carrying rare earth travels towards Lynas Corp's Mount Weld processing plant, northeast of Perth, in Western Australia on Aug 23, 2019. (Photo: Reuters/Melanie Burton)
26 Jul 2021 07:50AM
(Updated:
26 Jul 2021 07:50AM)
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Australia's Lynas Rare Earths on Monday (Jul 26) reported record quarterly revenue, as robust demand led to a jump in sales of the metals it mines and offset softness in prices of neodymium and praseodymium (NdPr).
Demand for NdPr and other rare earth materials has rebounded from a pandemic-driven drop last year as electric vehicles continue to gain popularity amid a global push to reduce carbon emissions.

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Australia's Lynas posts record revenue on robust demand, shares hit 8-year high

Tejaswi Marthi
2 minute read
A truck carrying rare earth travels towards Lynas Corp's Mount Weld processing plant, northeast of Perth, in Western Australia, August 23, 2019. Picture taken August 23. REUTERS/Melanie Burton
Summary
Q4 NdPr production up 79.7% from a year ago
Softer prices in qtr due to "normal correction" - CEO
July 26 (Reuters) - Australia's Lynas Rare Earths Ltd (LYC.AX) posted record quarterly revenue on Monday on the back of "very strong" demand for its range of specialized metals that offset softer prices, sending its shares to a more than eight-year high.
Lynas, the largest rare earths producer outside China, reported a jump in fourth-quarter revenue to A$185.9 million ($137 million), more than triple A$38 million a year earlier, pushing the stock up 9% to A$7.01, its highest since January 2013.

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Lynas Rare Earths : Australia's Lynas posts record revenue on robust demand, shares hit 8-year high

Lynas Rare Earths : Australia's Lynas posts record revenue on robust demand, shares hit 8-year high
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