(Reuters) – Australia's Lynas Rare Earths on Wednesday reported a nearly 6% drop in first-quarter revenue due to falling strategic mineral prices and weak demand.
Rare earth prices remained at low levels during the quarter with a slight improvement in neodymium and praseodymium (NdPr) prices towards the end, the company said.
The largest rare earths producer outside China reported sales revenue of A$120.5 million for the three months ended Sept. 30, up from A$128.1 million in the same period last year.
The average selling price for the range of rare earth mining products was A$42.5 per kilogram (kg), compared to an updated figure of A$46.9 per kg a year ago.
Total rare earth oxides production for the first quarter was 2,722 tonnes of REO, compared to 3,609 tonnes of REO reported last year.
Rare earth metals are essential for industries such as electric vehicles and defense due to their powerful magnetic properties, which contribute to greater energy efficiency.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window, document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
