Lynas Rare Earth Production in Australia Exceeds Targets

Rare Earth Deposits & Mining / Rare Earth Exploration, Mining, Processing, & Uses

Date posted: 01/27/16

Michael Roddan, of the Australian Business Review, reports that Australian rare earths miner Lynas says it is striking more supply deals with customers who are seeking to hedge against another crisis in the metals market, as the company exceeds its production output for the first half of the financial year. Lynas today said it produced 949 tonnes of NdPr during the three months to the end of December, bring its half-yearly output to 1,916 tonnes ... well above its creditor target of 1,860 tonnes. The strong production meant its interest rate under its debt facility reduced to 6.5% per year, down from 7% previously. Lynas also managed to stay cashflow positive during the quarter, on an operating basis. The company said the results reflected the continued strong and stable foundations on which Lynas now operates, confirming its position as the only sustainable miner and producer of rare earth products outside of China.