Pandemic Continues to Weigh on Lynas

22. October 2021 | Market

Processing and logistics affected by rising covide cases in Malaysia.

Lynas Rare Earths, the largest producer of rare earths outside China, today reported figures for the quarter ended Sept. 30. The covid pandemic continues to pose a challenge, the company said. Rising case rates in Malaysia, where processing of mined raw materials takes place, led to a slowdown in production. Logistics processes were also slowed by the pandemic. As a result, revenues fell from 185.9 million to 121.6 million Australian dollars (78.25 million euros) compared to the previous quarter.
Lynas said demand for rare earths, particularly for magnet production, remains high. In the coming year, demand will increase even further, the company writes, citing its customers.

Photo: iStock/graffoto8

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