Rare earth metals producer Lynas' net profit falls in FY23 amid declining rare earth prices

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Rare earth metals producer Lynas' net profit falls in FY23 amid declining rare earth prices
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A roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.

- Rare earth producer Lynas today announced "strong" operational performance for the full year ending 30 June 2023 with total REO production of 16,780t and NdPr production of 6,142t .

Lynas added that its Malaysia plant delivered record NdPr production in Q3 and Q4 of FY23, while early FY23 production was limited by significant water supply issues. Commenting on the results, CEO and Managing Director Amanda Lacaze said, “FY23 was another very productive year for Lynas. Operational performance was particularly strong with record concentrate production and record NdPr production achieved in the 2nd half.

“Over the past 2 years, we have embarked on an ambitious expansion programme including the construction of the new Kalgoorlie rare earths processing facility, the construction of new facilities in Kuantan to receive mixed rare earth carbonate feedstock from Kalgoorlie and a major upgrade to Mt Weld including exploration and capacity expansion projects,” she added.

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