Lynas Rare Earths ( OTCPK:LYSCF ) ( OTCPK:LYSDY ) +5.6% in Monday's trading after reporting a nearly 15% surge in FQ2 revenue , as supply disruptions which plagued the company in Q1 were resolved.
Total production of rare earth oxide jumped 27% in the December quarter to 4,457 metric tons from 3,500 produced in Q1, and NdPr output popped 44% to 1,508 tons from 1,045 tons in the prior quarter, resulting in revenues rising to A$232.7M from A$163.8B in the September quarter.
Lynas ( OTCPK:LYSCF ) ( OTCPK:LYSDY ) said its average selling price in Q2 climbed to A$62.5/kg for its product range compared with A$54/kg last year, with future pricing trends depending mainly on the economic recovery in China.
"Demand from customers for Lynas' NdPr product family remains strong," and the company will continue to "focus on increasing production as our customers forecast very strong demand in calendar year 2023," CEO Amanda Lacaze said Monday. "Lynas continues to receive enquiries from potential new customers for future cooperation, mainly from automotive OEMs and new magnet manufacturing projects outside of China."
Three months ago, Lynas ( OTCPK:LYSCF ) ( OTCPK:LYSDY ) reported Q1 revenues rose from a year earlier but total production fell .
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Lynas Rare Earths production rebounds in latest quarter