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(Reuters) – Australia’s Lynas Rare Earths Ltd earned second-quarter revenue on Wednesday as demand for metals used in electric vehicles (EVs) rose as a result of a global push to reduce carbon emissions.
The prices of neodymium and praseodymium (NdPr) for magnets that power EV engines have almost tripled in the last 14 months as companies and governments step up their efforts to meet climate targets.
Rare earth materials are a set of 17 minerals that are also used in wind turbine generators, smartphones and military equipment.
“Demand for Lynas products was very strong during the quarter and good market conditions continued, with customers expressing hope to accelerate demand in the next quarter,” said Lynanda CEO Amanda Lacaze.
However, shipping delays and interruptions hurt NdPr production, which dropped to 1,359 tonnes in the three months to 31 December, up from 1,367 tonnes a year earlier, according to the world’s largest producer of rare earths outside China.
Revenue rose nearly 70% in the December quarter to $ 202.7 million ($ 145.56 million) from $ 119.4 million a year earlier.
($ 1 = A $ 1.3926)
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