July 28, 2019 / 10:58 PM / 4 months ago

Australia's Lynas Corp revenue down 4.6% for June quarter

July 29 (Reuters) - Rare earth producer Lynas Corporation Ltd posted a 4.6% slip in quarterly sales revenue after its decision to reserve output for strategic customers amid softer prices for its product in the quarter.

Sales revenue for the June quarter was A$87.5 million ($60.46 million), lower than the A$91.7 million it earned last year, the company said in a statement.

Quarterly production of Neodymium Praseodymium (NdPr), used in permanent magnets used in electric vehicles and wind turbines, reached 1,505 tonnes, compared with 1,447 tonnes a year ago. ($1 = 1.4472 Australian dollars) (Reporting by Shanima A in Bengaluru Editing by Sonya Hepinstall)

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