Lynas Rare Earths Ltd. on Tuesday reported a rise in third-quarter rare-earths production and sales revenue. Here are some remarks from its quarterly operations report.


On neodymium-praseodymium demand:

"Demand for Lynas products remained strong during the quarter, particularly for the NdPr product family in the magnet market segment. Lynas continues to receive many approaches from end users seeking to secure their raw material sourcing over the longer term and is engaged in productive discussions with a number of these end users. The market price for NdPr continued to strengthen during the March quarter and our customers continue to advise that demand for rare earths remains strong, particularly in automotive industry. The NdPr price has strengthened significantly over the past two years and the average daily price reached $145.4/kilogram (ex-VAT) in February 2022, before moderating to $144.2/kilogram (ex-VAT) in March 2022. We are focused on developing initiatives to increase supply to support continued market growth."


On the neodymium-iron-boron market:

"The NdFeB market continued to record robust growth, despite many downstream industries dealing with a reduced workforce due to the Covid-19 pandemic and the global shortage of semi-conductors during the period."


On Lynas's production:

"Record NdPr production of 1,687 [metric tons] was achieved during the quarter and total REO [rare earth oxide] production of 4,945 tons was achieved. We are particularly proud to have achieved over 600 tons of NdPr production in March for the first time since the pandemic began. This was achieved despite ongoing effects of Covid-19 in Malaysia and global logistics disruptions. Preventative maintenance continued across key processes and inventories of critical chemicals and reagents were strategically built up during this period. These actions will minimize supply risks and contribute to stable production despite continuing unpredictability in the external environment."


Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com


(END) Dow Jones Newswires

04-11-22 1911ET