Lynas corp (ASX:LYC) report drop in production for the quarter

Company News

by Rachael Jones

Lynas corp (ASX:LYC) released their quarter activities report showing production was temporarily shutdown in Malaysia and in Mt Weld as a consequence of the Covid-19 Movement Control Order (MCO) issued by the Malaysian government.

Lynas Malaysia started operations in early May and Mt Weld restarted concentrate production in mid-June.

In response to expected reductions in demand, Lynas Malaysia started production at approximately 70 per cent of Lynas NEXT rates and by June, production was running at approximately 75 per cent of Lynas NEXT rates.

Mt Weld production rates are aligned to Lynas Malaysia rates.

Sales revenue was $38 million during the June quarter.

Shares in Lynas corp (ASX:LYC) are trading 1.88 per cent higher at $2.17.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.