(Reuters) – Australia’s Lynas Rare Earths Ltd on Monday reported record revenue in its fourth quarter, as demand for the metals it mines that are used in electric vehicles, smartphones and military equipment spurred prices higher.
Relaxed coronavirus curbs, coupled with booming demand for electric vehicles amid a global push to reduce carbon emissions, have helped the rare earths market bounce back from last year’s drop and led to a surge in prices.
“Demand for Lynas products, in particular for our NdPr product family, continued to be very strong through the quarter, leading to record sales and cash collection,” Chief Executive Officer Amanda Lacaze said.
Lynas, the world’s largest producer of rare earths outside China, said revenue rose to A$185.9 million ($136.97 million) in the three months to June 30 from A$38 million a year earlier.
It said its full product range garnered an average selling price of A$39.1/kg during the June quarter, up from A$20.2/kg last year.
($1 = 1.3576 Australian dollars)
(Reporting by Tejaswi Marthi and Harish Sridharan in Bengaluru; Editing by Sonya Hepinstall)
