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September 6th - According to Reuters, two sources familiar with the discussions revealed that OPEC+ will maintain its October oil production policy at its meeting on Sunday, as the oil-producing organization needs to agree on new quotas before deciding on its next production move. OPEC+ currently has a layer of production cuts in place, covering most of its 21 member countries, until the end of 2026. Before deciding how to gradually exit the production cuts and return production to the market, the organization needs to review member countries oil production capacity to set a production baseline for 2027 – which will serve as the basis for quotas. Sources previously indicated that this discussion might take place later in 2026, suggesting that OPEC+ might pause production increases in the fourth quarter.On September 6, local time, the Lebanese Ministry of Public Healths Emergency Operations Center issued a statement saying that an attack launched by the Israeli Defense Forces in southern Lebanon that morning had resulted in 4 deaths and 20 injuries. The Israeli Defense Forces (IDF) issued a statement on the 6th announcing the airstrikes on southern Lebanon. The IDF statement said the airstrikes were a response to Hezbollahs actions in Lebanon.On September 6, local time, Belgorod Oblasts acting governor, Shuvaev, reported that in the past 24 hours, Ukrainian forces launched 102 offensives against the oblast, and Russian forces intercepted 107 drones. The attacks resulted in the deaths of three civilians and injuries to four others.Lebanons Ministry of Health: Israeli airstrikes on southern Lebanon on Sunday killed four people, including two women, and injured 20 others.September 6th - Japans opposition Democratic Party for the People held its leadership election on the 6th, with incumbent leader Yuichiro Tamaki defeating his rival, House of Representatives member Mikihiko Hashimoto, to be re-elected. His term will run until the end of September 2029. After his election, Tamaki stated that he will listen to opinions from all sides, strengthen ties between the party headquarters and local councilors and supporters, and begin preparations for the unified local elections next spring.

Fourth-quarter revenue for Lynas improves owing to higher demand for rare earths

Charlie Brooks

Jul 18, 2022 10:50

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Monday, Lynas Rare Earths Ltd announced a 58 percent rise in quarterly revenues as a result of the increasing global demand for renewable energy sources.


Demand for rare earth minerals, which are utilized in everything from autos to computers to missiles, has soared in recent years as nations and industries have sought to decrease carbon emissions.


While Lynas' fourth-quarter sales climbed by more than three-fifths year-over-year to A$294.5 million ($199.97 million), the miner recorded a decline in revenue from the previous quarter's A$327.7 million.


Similarly, the company revealed that the miner's quarterly rare-earths oxide (REO) output declined by 26.2% sequentially owing to water supply concerns in Malaysia.


The company's quarterly production of neodymium and praseodymium (NdPr) dropped from 1,687 tonnes in the March quarter to 1,579 tonnes in the June quarter.


Automobile manufacturers generally use minerals such as NdPr to create magnets for electric cars.


In addition, Lynas' reported a range-wide average selling price of A$79.2 per kilogram, which is double the previous year's pricing.