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    LYC   AU000000LYC6

LYNAS RARE EARTHS LIMITED

(LYC)
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Lynas : posts 8% jump in rare earth output as COVID-19 curbs ease

10/20/2020 | 10:23pm EDT

(Reuters) - Australian rare earth producer Lynas Corp on Wednesday posted a 8.1% rise in first-quarter neodymium and praseodymium (NdPr) output as production normalized following the easing of coronavirus restrictions in Malaysia and Western Australia.

The world's largest producer of rare earths outside China said production of neodymium and praseodymium (NdPr), used in everything from iPhones to weapons, rose to 1,342 tonnes in the quarter ended in September from 1,242 tonnes a year earlier. It was just under a UBS estimate of 1,350 tonnes.

Lynas said a NdPr production rate of 75% is enough to meet demand as the coronavirus crisis continues to weigh on demand.

Rare earths are critical minerals used in a wide range of everyday goods, including magnets and electric cars, and has become a key strategic consideration for Washington as it looks to reduce U.S. reliance on China, the world's biggest producer.

China recently passed a law restricting exports of controlled items, giving Beijing the power to curb exports of items to countries that it believes may harm China's interest.

(Reporting by Soumyajit Saha and Arpit Nayak in Bengaluru; Editing by Sandra Maler and Richard Chang)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LYNAS RARE EARTHS LIMITED 1.47% 5.53 End-of-day quote.38.94%
UBS GROUP AG -0.42% 14.27 Delayed Quote.15.00%
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Financials
Sales 2021 475 M 356 M 356 M
Net income 2021 137 M 103 M 103 M
Net cash 2021 334 M 250 M 250 M
P/E ratio 2021 35,6x
Yield 2021 -
Capitalization 4 983 M 3 730 M 3 734 M
EV / Sales 2021 9,78x
EV / Sales 2022 6,94x
Nbr of Employees -
Free-Float 97,1%
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Mean consensus HOLD
Number of Analysts 5
Average target price 6,19 AUD
Last Close Price 5,53 AUD
Spread / Highest target 80,8%
Spread / Average Target 11,9%
Spread / Lowest Target -29,5%
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Managers and Directors
NameTitle
Amanda M. Lacaze Chief Executive Officer, Executive Director & MD
Gaudenz Sturzenegger Chief Financial Officer
Kathleen Marie Conlon Non-Executive Chairman
Philippe G. Etienne Independent Non-Executive Director
John Scott Humphrey Independent Non-Executive Director
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