Lynas Corporation Limited (ASX:LYC) – Higher production in June quarter

Lynas Corporation Limited (ASX: LYC) demonstrated strong operational performance in the June quarter with cash flows from operating activities of A$20.7 million and record production volumes achieved at the same time as major Lynas NEXT upgrades were completed. Lynas made an early repayment of US$20 million to JARE during the June quarter, because of continued improvements in the company’s financial performance. By this the principal amount of the senior loan facility was reduced to US$150 million.

An increase of 7% was reported as the invoiced sales revenue for the June quarter (A$91.7 million) over the March 2018 quarter figure, due to higher production and a more favorable sales mix, and despite the decision to retain some inventory of Ndpr at the quarter end. Sales receipts were A$98.6 million for the quarter. For the quarter ending June, the total REO production was a record 4,804 ton, which is an increase of 17% on the 4,110 tons produced in the March 2018 quarter. Ndpr production was up 8.6% on the 1,332 tons achieved in the March 2018 quarter, which increased to a record 1,447 ton. After Lynas NEXT upgrades, this higher increase in total tons reflected improved La and Ce recovery rates.

Lynas Corporation traded at a market price of $2.01 with a daily price change of -$0.130 or a percentage decline of -6.075% as of July 20, 2018, prior to market close.


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