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Investing.com-- Lynas Rare Earths (ASX:LYC) reported a 25% rise in quarterly revenue on Thursday, buoyed by higher selling prices and record production of key magnet materials, as the company solidified its position as the world’s only major producer of heavy rare earths outside China.
Sales revenue for the quarter ending June 30 came in at A$170.2 million ($112.5 million), up from A$136.6 million a year earlier.
The Australia-listed miner’s average selling price climbed to A$60.2 per kilogram, its highest since mid-2022, while sales receipts rose to A$152.7 million in the quarter.
The results were underpinned by a milestone 2,080-tonne output of neodymium-praseodymium (NdPr), a key component in high-performance magnets used in electric vehicles and wind turbines.
The company, in a separate filing, said it signed a memorandum of understanding with Korean permanent magnet manufacturer JS Link to develop a sustainable rare earth permanent magnet value chain in Malaysia.
Lynas (F:LYI) will collaborate with JS Link on the development of a 3,000 tonne capacity NdFeB permanent sintered magnet manufacturing facility in Kuantan, Malaysia.
Sydney-listed shares in Lynas rose 0.6% on Thursday.