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Australia’s Lynas’ Q2 revenue halves amid low construction demand in China | Scoop

Australia’s Lynas’ Q2 revenue halves amid low construction demand in China

Sales fall to A$112.5 mil from A$232.7 mil in same period while shares drop 3.4% to A$5.75, lowest since July 20, 2021

9:38 AM MYT

 

KUALA LUMPUR – China’s construction slowdown is to blame for Australia’s Lynas Rare Earths sharp fall in its second-quarter earnings, which sent its shares to a low not seen since July 2021.

Today, the world’s largest producer of rare earths outside China said its sales fell 51.7% to A$112.5 million in the three months to December 31, from A$232.7 million in the same period the year before.

The company also missed Macquarie’s estimate of A$117.8 million.

As of 8.09am (Malaysian time) today, Lynas’ shares dropped 3.4% to A$5.75 to hit their lowest since July 20, 2021.

“The rare earth market price continued to be subdued due to low demand in China, especially in the appliance sector (e.g. air conditioning) which is affected by the construction downturn. Improvement to the rare earths market price continues to be dependent on China’s economic recovery,” it said.

Sales fell as Lynas raked in an average selling price of A$28.70 per kg for its product range, sharply below the A$58.40 per kg last year.

As for Lynas Malaysia, NdPr (neodymium and praseodymium) production was lower than the previous quarter at 901 tonnes as a result of the temporary shutdown for upgrade works.

“During the shutdown, the works to modify and increase separation capacity and improve the reliability of cracking and leaching at Lynas Malaysia were successfully and safely completed. These were the most significant works for our Malaysian processing facilities since the construction of the plant. 

“Production in the March quarter is now expected to be approximately 1,500 tonnes and production across the six months to June 2024 is expected to increase slightly from the previous estimate to be in the range of 3,200 to 3,400 tonnes.

The amended operating licence, which allows the continued importation and processing of lanthanide concentrate from the Mount Weld mine in Western Australia to the Lynas Malaysia facility, is valid until March 2, 2026. – January 22, 2024

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