Australia’s Lynas Corp posted a 7.4% rise in quarterly revenue on Friday as higher demand for rare earth elements countered weaker prices and the miner said it was on track to get its processing license renewed by Malaysia in March.
The biggest rare earths producer outside of China said quarterly production of neodymium and praseodymium, used in magnets of electric vehicles and wind turbines, rose to 1 270 tonnes from 1 223 tonnes a year earlier. Lynas said growth in the electric vehicle market is expected to result in a sharp rise in demand for heavy rare earth elements such as dysprosium and terbium. Malaysia had renewed Lynas’ operating license for a rare earths processing plant in August for six months with new conditions. The miner on Friday said it was making good progress and confident of lodging renewal documents to satisfy the new licensing conditions.