Australian company Lynas Rare Earths Ltd reported record fourth-quarter sales on Monday as demand for the metals it mines used in electric vehicles, smartphones and military equipment soared.
Relaxed coronavirus containments, coupled with booming demand for electric vehicles amid a global drive to reduce carbon emissions, have helped the rare earths market recover from last year's decline and lead to a rise in prices.
“Demand for Lynas products, particularly our NdPr family of products, continued to be very strong during the quarter, resulting in record sales and cash receipts,” said Amanda Lacaze, CEO.
Lynas, the world's largest producer of rare earths outside of China, said sales in the three months ended June 30 rose to A $ 185.9 million ($ 136.97 million) from A $ 38 million a year ago .
The entire product range achieved an average sales price of AUD 39.1 / kg in the June quarter compared to AUD 20.2 / kg in the previous year.