The Australian company benefits from rising demand for rare earths. Desire for diversification of raw material supply increases.
Lynas Rare Earth invited its shareholders to its annual general meeting today, Monday. In her speech to shareholders, CEO Kathleen Conlon said she was very pleased with the company’s fiscal 2021 results, adding that operational improvements introduced in previous years and a continued focus on cost control had enabled the company to benefit from rising demand and higher prices for strategic raw materials.
In particular, the growing importance of electromobility and wind energy had significantly increased demand for neodymium-praseodymium (NdPr) and other Lynas products.
However, she said the second half of the year had been challenging for the site in Malaysia, where rare earths mined in Australia are processed, due to the Covid pandemic.
In her speech, Conlon pointed to growing interest from customers and governments in diversifying rare earth supply. As the largest producer of these strategic raw materials outside China, Lynas is excellently positioned to play a leading role in this.