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Lynas FY'19 EBITDA down amid lower rare earth prices

Lynas Corp. Ltd. on Aug. 29 reported a fiscal 2019 profit of A$80 million, rising from A$53.1 million a year ago, though EBTIDA fell to A$100.7 million from A$121.9 million amid lower revenue.

Sales fell to A$363.5 million from A$374.1 million — despite rare earth oxide production rising to a record 19,737 tonnes from 17,753 tonnes — due to lower market prices and higher cerium and lanthanum volumes sold, which led to lower average price across Lynas' product range.

The company also achieved record yearly output of neodymium and praseodymium at 5,898 tonnes, as compared to 5,444 tonnes last year. Cash flow from operations fell to A$104.1 million from A$118.5 million.

The company recently secured a six-month extension to operate its Gebeng rare earths processing plant from the Malaysian government.