Lynas record rare earth output sets new quarterly high

Lynas

Lynas record rare earth output topped 2,000t of NdPr in April–June, delivering its best quarter to date. Total rare earth oxide production reached 3,212t, up 47% year on year and 68% quarter on quarter. Neodymium-praseodymium output climbed to 2,080t as Lynas progressively commissioned assets.

Prices and demand strengthen

Sales revenue rose to A$170.2mn, up 38% quarter on quarter and nearly 25% year on year. The average selling price climbed to A$60.20/kg, the highest since July 2022. The increase coincided with China’s export controls on some medium and heavy rare earths in April. Meanwhile, China accelerated export-permit approvals and may have allocated initial production quotas.

Strategic moves expand capacity and scope

Lynas reported a significant rise in orders from direct customers and new magnet projects. However, it is preparing for continued market volatility in July–September. The company signed a non-binding deal with Korea’s JS Link to develop a 3,000 t/yr sintered magnet plant near its Malaysian site. Lynas will supply materials, and Malaysia’s floated raw-material export ban in 2023 did not proceed.

Lynas produced its first separated dysprosium in May and first separated terbium in June in Malaysia. As a result, it became the first producer of separated heavy rare earths outside China. Allocation of production capacity remains in progress. Lynas record rare earth output now aligns with new heavy rare earth capabilities.

Lynas also signed with Kelantan’s investment agency to secure new feedstock for Malaysia. Therefore, it aims to stabilise higher run rates while matching demand swings. Lynas record rare earth output positions the firm for growth despite near-term volatility.

The Metalnomist Commentary

Lynas’ record NdPr quarter, firmer pricing, and Dy/Tb separation outside China reduce supply-chain concentration risk. Yet short-term pricing will hinge on China’s permitting cadence and project ramps. The JS Link tie-up signals pragmatic downstream integration close to processing hubs.