Australiaâs Lynas quarterly revenue hits record on stronger demand, prices
(Reuters) â Australiaâs 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 yearâs drop and led to a surge in prices.
âDemand 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,â Chief Executive Officer Amanda Lacaze said.
Asian Open: Traders Are Net-Long USD for the First Time in 16-Months
Matt Simpson July 25, 2021 11:54 PM
Traders increased their net-long exposure to the US dollar by +17.79 billion, to see traders net-long the dollar against G10 currencies and emerging markets. Share:
Asian Futures:
Australia s ASX 200 futures are down -1 points (-0.01%), the cash market is currently estimated to open at 7,393.40
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UK and Europe:
Europe s Euro STOXX 50 index rose 50.05 points (1.23%) to close at 4,109.10
ASX 200 midday update: Lynas jumps, GPT withdraws guidance
Here’s what is happening on the ASX 200 today…
James Mickleboro has been a Motley Fool contributor since late 2015. After studying economics at university back home in the United Kingdom, James came to live in Australia and managed to land a job at an Australian fund manager. This was the start of a love affair with Australian equities and he hasn t looked back since. James is part of the CFA Institute s Chartered Financial Analyst program and hopes it teaches him how to become an astute investor which allows him to help others with their own investing. Outside of reading and researching he spends many a late night watching the English Premier League and Seinfeld reruns.
ASX 200 flat, Lynas soars, City Chic jumps on Monday 26 July 2021 fool.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com.au Daily Mail and Mail on Sunday newspapers.
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A truck carrying rare earth travels towards Lynas Corp s Mount Weld processing plant, northeast of Perth, in Western Australia, August 23, 2019. Picture taken August 23. REUTERS/Melanie Burton
Summary
Q4 NdPr production up 79.7% from a year ago
Softer prices in qtr due to normal correction - CEO
July 26 (Reuters) - Australia s Lynas Rare Earths Ltd (LYC.AX) posted record quarterly revenue on Monday on the back of very strong demand for its range of specialized metals that offset softer prices, sending its shares to a more than eight-year high.
Lynas, the largest rare earths producer outside China, reported a jump in fourth-quarter revenue to A$185.9 million ($137 million), more than triple A$38 million a year earlier, pushing the stock up 9% to A$7.01, its highest since January 2013.