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.