Demand for strategic raw materials remains strong. Pandemic remains challenge.
Lynas Rare Earth reported figures today (Wednesday) for the quarter closed at the end of December (PDF). Despite the challenges posed by the pandemic, the company posted record sales of the equivalent of €128.5 million.
Compared to the previous quarter, production volumes of rare earth oxides and neodymium-praseodymium were also increased. Demand for this magnetic material remains high, the Australian company said. This also applies to Lynas’ other products, it added. Demand is likely to be driven primarily by electromobility and the expansion of renewable energies, for which the strategic raw materials are needed.
Despite the overall positive development, pandemic-related delays and supply chain disruptions are a challenge for the company, he said. In order to speed up the transport of raw materials mined in Australia to processing in Malaysia and to secure the supply of its customers, Lynas has in the meantime even chartered its own ship.