Increased total rare earths oxide (REO) production and growth project development were among the highlights for Lynas Rare Earths’ September 2024 quarter.
Lynas produced 2722 tonnes (t) of REO and 1677t of neodymium and praseodymium (NdPr) during the quarter, with the company’s inventory of NdPr products remaining stable.
While the market prices for NdPr remained low during the quarter, they somewhat recovered towards the end.
Lynas managing director and chief executive officer Amanda Lacaze attributed the slight uptake to reduced imported material into China and the economic challenges faced by several rare earths producers.
“The average NdPr market price was $US48/kg ($73) ex VAT (price excluding tax) during the quarter and Lynas achieved sales revenue of $120.5 million and sales receipts of $127.5 million … production levels were managed in line with market demand,” Lacaze said.
Mining continued at the Mt Weld operation in Western Australia, including the removal of overburden waste from cutback 5. The operation also maintained efficient concentrate production, which was fed to the Lynas Malaysia plant and the new Kalgoorlie facility in WA.
“Stage 1 of the Mt Weld expansion project (saw) the new concentrate dewatering circuit transitioned to operations during the quarter, marking a significant project milestone,” Lacaze said.
“Construction of Mt Weld expansion project Stage 2 (balance of plant) is progressing as planned, with good progress on the grinding and flotation circuits. Stage 2 is forecast to be complete by the end of FY25 (the 2024–25 financial year) and will be progressively commissioned.”
Lynas also progressed the Kalgoorlie project by stabilising mixed rare earth carbonate (MREC) production and quality, while improving reliability and cost performance.
Lynas Malaysia processed the first batch of MREC from Kalgoorlie during the quarter, with processing activities to ramp-up in the December 2024 quarter.
“As detailed last quarter, Lynas is managing the ramp up of the (Kalgoorlie) facility in line with increased production at Mt Weld and Lynas Malaysia and market demand,” Lacaze said.
“MREC continues to be shipped from Kalgoorlie to Lynas Malaysia for processing. Work to optimise production costs and improve recoveries from mine to finished products continued in the quarter and remains a focus across all sites.”
Lynas remains on track to deliver its FY25 target of 10,500t NdPr.
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