AUS
NZ
UK
CA
USA
IND
Highlights
- Lynas has shared updates from its quarterly report for the third quarter of FY22.
- The company reported robust financials in its Q3 FY22 report.
- Lynas expects to improve its operations and accelerate company growth in the remaining FY22.
The shares of Lynas Rare Earths Limited (ASX:LYC) were spotted trading 4.403% lower at AU$8.900 per share at 11:45 AM AEST on the ASX today (6 May). More than two million shares of Lynas have been traded so far.
The share price of Lynas has gained approximately by 58% on the ASX over the past 12 months. On the other hand, Lynas' year-to-date share price fell over 18% at 11:00 AM AEST on the ASX today (6 May).
Why did Lynas open in red today?
On 5 May 2022, Lynas shared report for the third quarter of FY22 (Q3 FY22) for the period ended on 31 March 2022. The ASX-listed mining company reported substantial numbers in its quarterly report, including revenue of AU$327.7 million, compared to AU$202.7 million in the previous quarter (Q2 FY22) and a sales receipt of AU$262 million, compared to AU$151 million in Q2 FY22.
The company's strong revenue was driven by heavy demands for rare earth minerals with a price surge across the globe. Lynas is likely to continue to face this demand as the government is setting up a huge goal of electrification of cars in future.
As a result, Lynas' objectives for the remaining FY22 are:
- Improving operational performance, resource development process and creating industrial footprints.
- Accelerating the process of company growth and innovation and increasing the organisation's capabilities.
- Delivering robust numbers in financials and ESG outcomes and offering attractive community benefits.
Image source: © Lovelyday12 | Megapixl.com
Meanwhile, the S&P/ASX 200 Materials sector (ASX:XMJ) was spotted trading 2.622% lower at 17242.3 at 11:25 AM AEST on the ASX today (6 May).
The share price of the ASX 200 Materials sector has slightly fallen by 0.4% on the ASX over the past 12 months. On the other hand, XMJ's year-to-date share price gained slightly by 0.8% at 11:00 PM AEST on the ASX today (6 May). Lynas shares displayed the similar behaviour on the ASX today (6 May).
About Lynas:
Image Source © 2022 Kalkine Media ®
Established in 1983, Lynas Rare Earths Limited is an ASX-listed miner and explorer, and producer of rare earth elements. The company's headquarter is situated in Perth, Australia. Lynas is involved in the production of rare earth concentrates at Mt Weld, along with the production and sale of rare earth products from the LAMP in Malaysia. The company has two subsidiaries- Lynas Malaysia Sdn Bhd and Lynas Services Pty Ltd. Lynas currently hold a market capitalisation of AU$8.40 billion.
