Lynas Rare Earths has released its December 2022 quarterly report, showcasing a 14.8 per cent bump in revenue.
Demand for major minerals mined by Lynas are on the rise as countries push to reduce carbon emissions, further adding to the company’s revenue rise.
Lynas said revenue rose to $232.7 million in the three months to December 31 2022, compared with $202.7 million a year ago.
The company also said that prices for rare earths stabilised during the quarter and that future pricing trends will depend mainly on the economic recovery in China.
“Production and sales outcomes in the December quarter recovered following the water supply disruptions experienced in the prior quarter,” Lynas chief executive officer Amanda Lacaze said.
“Sales receipts, at $168.4 million, were a reflection of timing of deliveries which occurred later in the quarter.
“Market prices started to increase again from December in anticipation of the late-January Lunar New Year holidays and an expected rebound of the consumption in China. Future pricing trends will depend on China’s economic recovery.”
Lynas raked in an average selling price of $62.5 per kilogram for its product range, compared with $54 last year.
The company has continued work on its developments at its Mt Weld, Kalgoorlie and Malaysian operations while also developing a rare earths separation plant in the US.
Lynas has ended the period with $934.2 million of cash and short-term deposits.