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Australia’s Lynas Rare Earths Ltd posted a 27.6% drop in third-quarter revenue on Friday, primarily hurt by a decline in the average selling price and sales volumes.
Total rare earth oxide (REO) production volume fell due to a supplier shortage of hydrochloric acid, which is used to process rare earth oxides, the world’s largest producer of rare earths outside of China said.
The miner flagged softening of current pricing for heavy rare earths, which saw the average selling price for its product range fall to A$48.3 per kilogram (kg) from A$64.7 per kg a year earlier.
The company also said production quotas in China increased 19% for the first half of 2023 from a year earlier, which led to a temporary oversupply of rare earth products as demand remained subdued in the Chinese market.
The miner’s NdPr output for the quarter through March came in at 1,725 tonnes, compared with 1,687 tonnes a year earlier.
Quarterly revenue fell to A$237.1 million ($159.85 million) from A$327.7 million a year earlier.
($1 = 1.4832 Australian dollars)
(By Nausheen Thusoo and John Biju; Editing by Shweta Agarwal and Subhranshu Sahu)
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