Lynas Sees LAMP Reaching Targeted Production in June Quarter

Yesterday, Lynas Corporation Ltd. (ASX:LYC) released its quarterly report for Q1 2014, commenting that management is “confident” that the Lynas Advanced Materials Plant (LAMP) will reach its targeted production run rate of 11,000 tonnes per year “on sustainable basis” during the June quarter.

Other highlights include:

• Total tonnes produced for the quarter were 1,089 tonnes, on an REO equivalent basis, a 47% increase on the prior quarter. Total tonnes shipped were 751 tonnes, on an REO equivalent basis, up 84% on the prior quarter. In addition, production in the month of March totalled 575 tonnes, 62% higher than the previous monthly record. Timing of customer delivery accounts for the variance between production and sales volumes.
• The average selling price increased by 5% to US$22.63/kg REO (revenue basis), from US$21.48/kg REO (revenue basis) in the prior quarter. The Company enjoyed a favourable product mix in the quarter, resulting in the average selling price representing a premium to the market price.

Click here to read the full Lynas Corporation Ltd. (ASX:LYC) quarterly report.