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Australia's Lynas Q1 revenue jumps on strong rare earths demand
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: +2 min
Oct 27 (Reuters) - Australia's Lynas Rare Earths (LYC.AX) on Thursday reported a 34.7% jump in first-quarter revenue, helped by a surge in demand for specialised metals used in electric vehicle components. Global demand for minerals used to power electric-vehicle motors has continued to surge amid a global push to reduce carbon emissions from fossil-fuel powered vehicles, benefiting miners such as Lynas. Rare earths minerals are also used in a wide variety of goods such as iPhones and military equipment. The world's largest producer of rare earths outside China said revenue rose to A$163.8 million ($106.34 million) in the three months to Sept. 30, compared with A$121.6 million a year ago and a Barrenjoey estimate of A$146 million. Lynas raked in an average selling price of A$49.3 per kilogram (kg) for its product range in the reported quarter, compared with A$44.6 per kg last year.
Oct 27 (Reuters) - Australia's Lynas Rare Earths (LYC.AX) on Thursday reported a 34.7% rise in first-quarter revenue on a surge in demand for specialised metals used in electric vehicle components. The world's largest producer of rare earths outside China said revenue rose to A$163.8 million ($106.34 million) in the three months to Sept. 30, compared with A$121.6 million a year ago and a Barrenjoey estimate of A$146 million. ($1 = 1.5404 Australian dollars)Reporting by Upasana Singh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
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