Lynas shares are going nuts as the rare earths miner doubles revenue

Cameron Spencer/Getty Images

Lynas doubled cash sales to $52.7 million, up from $25.9 million, in the June quarter as the rare earths miner increased production. Gross revenue rose 74% to $51.9 million.

Prices for the rare earths are still low but production jumped to 2,606 tonnes in the three months to the end of June, compared to 1,973 tonnes the previous quarter

The latest result is in stark contrast to the December 2014 six month numbers, which showed the company extending its losses by almost 60% to $103.5 million.

The rare earths miner has been cutting costs, reviewing operations and talking with debt providers to get cheaper finance.

“The Rare Earths market is one that is characterised by speculative activity,” the company said today in a quarterly update.

“While we expect a level of uncertainty in the rare earths market to continue in the near term, we remain focused on becoming the strongest performing company within this market.”

Rare earths are used in hybrid cars, petroleum catalysts, glass manufacturing and electronic components

Lynas shares are up more than 13% to $0.043.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.