By Rajasik Mukherjee
(Reuters) -Lynas Rare Earths published a drop in quarterly profits on Tuesday, hit by production decrease at its Kalgoorlie center in Western Australia and lower underlying costs, sendingout its shares to a more than three-month low.
Shares of the unusual earths miner fell as much as 2.8% to hit A$5.880, their leastexpensive level giventhat April11
Lynas’ Malaysian operations likewise went through a upkeep shutdown throughout the reported duration, which the unusual earths miner showed took over a month.
Total rare-earth oxide output for the 4th quarter ended June 30 was at 2,188 REO loads, plunging more than 50% from a year back.
“The primary bearings on one of the kilns stoppedworking and needed a upkeep shutdown that took over a month,” Lynas stated, referring to its downstream Malaysian operations.
Sluggish need from green energy business and electrical carmanufacturers, combined with increasing international supply, have badly dented unusual earth items’ costs.
“Rare-earths markets continue to be affected by damaged Chinese need and high-supply chain invento