Australian mining group published quarterly figures.
Rare earth specialist Lynas suffered a significant drop in turnover in the quarter ending December. Compared to the same period last year, turnover has more than halved to 74 million US dollars, as the figures presented today (PDF) show. The Australian company explains the development with the decline in production, as the Group’s refinery in Malaysia was shut down in mid-November for retrofitting work. Added to this are the current low prices for Lynas’ products, whose development depends on the economic recovery in China. The economy there is still struggling with the aftermath of the coronavirus pandemic, and demand for rare earths remains subdued, the Group added.
The expansion of the Mount Weld mine in Western Australia, the most important deposit for rare earths in the country, is improving. Exploration work here has proven extensive mineralization.