Lynas’ Quarterly Results Disappoint Despite Higher Production

Lynas Corporation Ltd. (ASX:LYC) released its quarterly report for the period ended June 30, 2014, commenting that it achieved its fourth quarter in a row of “increased production and sales volumes.”

However, the company’s average selling price for its rare earths fell to US$18.25 per kilogram of rare earth oxide due to a “higher proportion of cerium sales in the mix compared with the prior quarter.” It also lost money, earning $26.5 million from the sale of goods while its costs came to $56 million.

Other highlights include:

• Fourth quarter production and sales represent 47.5% and 54.2%, respectively, of FY2014 annual totals
• All documents required for the application for a Full Operating Stage Licence (FOSL) have been submitted to the Malaysian Atomic Energy Licencing Board (AELB)
• Company simplification plan announced 2 July

Click here to read the full Lynas Corporation Ltd. (ASX:LYC) press release.