Lynas Corporation, one of the few major producers of rare earths outside China, reports that its production volumes have been steadily increasing amidst strong demand from its customers in Japan. The company mines rare earths out of a collapsed volcano in Australia and ships them to Malaysia for processing. Building the plant nearly sank the company several years ago. Lately, however, Lynas has been reporting a resurgence in its fortunes due to improvements in its financial and operating performance.
In March, the company said it was on track to meets its production target of 500 tons per month of NdPr for April, while upping this to 600 tons per month by January 2019. In June the company reported reaching new record production levels of both rare earth oxides and NdPr. Sales revenues rose 7% to A$91.7 million for the most recent quarter, and the company made early payments on its debt reduction.
Most of its output is sold to Japanese customers. Demand from Japan remains strong, while the company is also making progress in developing a broader customer base, according to Amanda Lacaze, CEO. When she took over as chief executive in 2014 the company was struggling with $450 million in debt, an amount which has been paid down progressively since then.
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