Lynas production halves due to Malaysia shutdown
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The news: Lynas Rare Earths' production more than halved in the December quarter after a temporary shutdown to upgrade its Malaysia operations.
The numbers: Lynas' total quarterly production fell to 1,566 tonnes of rare earth oxide from from 3,609 REOt in the previous quarter, and from 4,457 REOt in the same quarter in the previous financial year. Neodymium and praseodymium (NdPr) production was down to 901 REOt from 1,526 REOt in the previous quarter. Lynas' share price fell 1.7% to $5.85 by 11am AEDT.
The context: The temporary shutdown was to facilitate an upgrade to Lynas' Malaysian facilities, which will increase neodymium and praseodymium production capacity to approximately 10,500 tonnes a year by December 2024.
The source: ASX Announcement
