Lynas posts record quarterly revenue despite Covid-10 restrictions

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The Lynas rare earths processing plant in Kuantan, Pahang, is operating at 75% capacity.KUALA LUMPUR: Lynas Rare Earths has posted record quarterly revenue despite operating at just 75% capacity at its processing operations in Malaysia, where authorities grapple with a third wave of the virus.The company has had to negotiate its way through water shortages and can only have 40% of its total workforce on-site at any one time under restrictions imposed across the country by authorities.Sales revenue hit US$185.9 million in the June quarter, up from US$110 million in the three months to March 30, amid strong demand for rare earths and despite softer prices for neodymium and praseodymium (NdPr).Lynas said the result reflected users and governments around the world recognising the need to diversify the rare earths supply chain, which was dominated by China. Lynas, led by Amanda Laca…