Lynas Rare Earths first-quarter revenue falls nearly 6%
Australia's Lynas Rare Earths reported a nearly 6% decline in first-quarter revenue on Wednesday due to falling prices for strategic minerals and muted demand.
Rare earth prices sustained at low levels during the quarter with a slight improvement in neodymium and praseodymium (NdPr) prices towards the end, the company said.
The largest producer of rare earths outside China reported sales revenue of A$120.5-million for the three months ended Sept. 30, down from A$128.1-million in the same period last year.
The average selling price for the rare earth miner's product range came in at A$42.5 per kilogram (kg) compared with a restated number of A$46.9 per kg a year ago.
Total rare-earth oxide output for the first quarter was at 2 722 REO tons, compared to 3 609 REO tons reported last year.
Rare earth metals are essential for industries like electric vehicles and defense due to their powerful magnetic properties, which contribute to increased energy efficiency.
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