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RHJ/iStock through Getty Pictures
Lynas Uncommon Earths (OTCPK:LYSCF) (OTCPK:LYSDY) mentioned Thursday its Q1 revenues rose from a 12 months earlier however whole manufacturing fell, and the miner mentioned development of the brand new Kalgoorlie uncommon earths processing facility in Australia will price greater than anticipated.
Lynas (OTCPK:LYSCF) (OTCPK:LYSDY) reported revenues in its September quarter rose 34% to A$163.8M (US$106.3M) from A$121.6M within the year-ago quarter, however Q1 manufacturing fell resulting from operational challenges together with a water provide disruption at its plant in Malaysia.
The corporate mentioned it produced 3,500 metric tons of uncommon earths within the September quarter, down from 3,650 tons within the prior interval, and output of its core neodymium and praseodymium product fell by roughly a 3rd to 1,045 tons from 1,255 tons a 12 months earlier.
Q1 common promoting worth for the corporate’s product vary rose to A$49.3/kg from A$44.6/kg a 12 months earlier.
Lynas (OTCPK:LYSCF) (OTCPK:LYSDY) additionally raised the deliberate funds for its Kalgoorlie uncommon earths processing facility to ~A$575M from A$500M estimated in 2020, together with “extra scope of works to enhance effectivity and elevated throughput, and contracted will increase in sure development prices.”
Lynas (OTCPK:LYSCF) (OTCPK:LYSDY) is coming off a report full-year revenue on robust demand for its uncommon earth merchandise.
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