Lyna's production line in Kuantan, Malysia. Picture Lynas Corp.
Lyna's annual profit jump amidst the record production of rare earths
The Australian Rare Earth Miner Lynas Corp. Thursday saw an 50% rise in annual profit amidst record high production of rare earth elements, but the company said most of its growth will be outside of China.
Lynas, the largest producer of rare earths in the world outside of China, said that after-tax profit for the year to 30. June 80 million AUD (54,03 million AUD), compared to 53,1 million AUD a year ago.
There has also been growing concern since May that China could use its dominant position in rare earth supplies as an instrument in its trade war with the United States, which has impacted domestic demand in China.
In June, Lynas said it was stocking neodymium and praseodymium (NdPr), which are used in industrial magnets, for "strategic customers".
The Australian miner said he produced 5.898 tons of NdPr over the year, compared to 5.444 tons. The production of rare earth elements reached 19.737 tons, which corresponds to an increase of 17.753 tons.
Rare earths are a group of 17 minerals found in fighter jets, tanks and high-tech consumer electronics.
This month, Malaysia extended Lynas' operating license for a rare earth processing plant for six months, but gave the miner four years to build a plant that will remove low-level radioactive material from the material it supplies to the Southeast Asian nation ,
Institute of Rare Earths / Reuters / Lynas; Picture: Lynas
