What powered Lynas Rare Earths’ record sales revenue in Dec quarter

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What powered Lynas Rare Earths’ record sales revenue in Dec quarter

 What powered Lynas Rare Earths’ record sales revenue in Dec quarter
Image source: RobSt,Shutterstock

Highlights

  • Lynas Rare Earths Ltd posted record sales revenue in the December quarter.
  • The record sales revenue of AU$202.7 million reflects continued buoyancy of the market.
  • The company’s total production also grew, touching 4,209 tonnes.

Despite the challenges posed by COVID-19, Lynas Rare Earths Ltd (ASX:LYC) clocked record sales revenue in the December quarter. The ASX-listed metals and mining firm surpassed AU$200 million in sales in the given period, setting a new record.

Lynas contains a portfolio of aligned assets and is engaged in the processing and extraction of rare earth minerals. The company operates a mine at Mt Weld, Western Australia, and an advanced materials plant in Gebeng, Malaysia.

The record sales revenue of AU$202.7 million achieved during the December quarter 2021 reflects continued buoyancy of the market and strong customer demand for a sustainable supply source of rare earths.

Lynas Rare Earths reported sales of AU$121.6 million in the last quarter. The company also increased its cash balance to AU$674.2 million, marginally higher than the previous period. The total production also grew, touching 4,209 tonnes, against 3,166 tonnes in the September quarter.

“Demand for Lynas products remained very strong during the quarter and favourable market conditions continued, with customers indicating their expectation of accelerated demand in the next quarter,” Lynas Chief Executive Amanda Margaret Lacaze said.

“Logistics challenges remained during the period; however, solutions were implemented to mitigate these challenges,” he added.

Lynas Rare Earths Ltd hit a record in sales revenue in December quarter.

Source: © Wrightstudio  | Megapixl.com

Lynas Rare Earths’ share price

Lynas Rare Earths’ year-to-date (YTD) return stands at 0.54%. In the past year, the stock has delivered a return of over 147%. In the last one month, the stock return stands at over 23%.

The company has a market capitalisation of roughly 10 billion on the current share price.

At 10:40 AM (AEST), the stock was trading 0.18% lower.

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