Despite Profit Decline: Lynas Sees Itself on Track

by | 26. Feb 2024 - 09:50 | Economy

Most important producer of rare earths outside China presents half-year figures.

The Australian rare earth specialist Lynas presented its half-year figures today (PDF). Both turnover and profit fell significantly by 74 and 37 percent, respectively, compared to the same period last year. CEO Amanda Lacaze referred to the persistently low price level for Lynas’ products. According to the company, China’s economic recovery could bring a turnaround (PDF).

The company added that the current financial year represents a transitional phase for the mining group. Lynas commissioned a processing plant for rare earths in Western Australia in December and is also working on expanding production at the Mount Weld mine. Until now, the raw materials mined here have been refined in Malaysia. According to the Group, the refinery was successfully retrofitted after several weeks of work and has been back online since January. This laid an excellent foundation for future success in the year’s first half.

Photo: iStock/Sunshine Seeds

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