Lynas Rare Earths releases impressive Quarterly growth figures

Lynas Rare Earths (LYC) has continued its recent momentum by releasing impressive quarterly figures. LYC is a premier Rare Earth mining and production company and the largest outside of China. The companies’ main mining operation is in Kuantan, Malaysia whilst its processing facilities are based in Western Australia. The company also has plans to develop a mining site in Kalgoorlie in Western Australia to expand its operations.

The company reported strong growth in all key metrics. It saw a strong 25.93% rise in total volume sold since the last quarter. This helped support a 38.14% increase in sales revenue and a 42.37% increase in sales receipts. The revenue was boosted by an overall increase in the demand and price of Neodymium and Praseodymium which are the essential rare earths that are needed for electronics and EV batteries.

LYC CEO Amanda Lacaze had this to say about the company’s results. “I am very pleased to report a record quarter for the period ending 31 March 2022.” A key message from Lacaze was that the company is focused on “developing initiatives to increase supply to support continued market growth.”

The LYC share price as of 12.30 pm on 12 April 2022 the price of LYC stands at $9.63. The price is down 1.7% from the previous day’s closing price.

As the price of Neodymium and Praseodymium continue to rise with the increase in demand for critical minerals. LYC is well-positioned to take advantage as one of the world’s largest producers of Rare Earths.