May 17, 2020

Exxaro appoints new independent Chairman of the Board

Exxaro Resources
South Africa
mining
Coal
Jonathan Dyble
1 min
Boardroom table
South African coal and heavy minerals company Exxaro Resources Ltd. has announced the appointment of Jeffrey van Rooyen as the company’s new independe...

South African coal and heavy minerals company Exxaro Resources Ltd. has announced the appointment of Jeffrey van Rooyen as the company’s new independent non-executive Chairman of the Board.

“Exxaro is pleased to announce that Mr J van Rooyen, who joined the Board in August 2008 has been appointed as the new independent non-executive chairman of the Board,” the company said in a statement.

“He contributes a wealth of skills and experience and will undoubtedly steer the Board with prudence and integrity.”

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Previous to his latest appointment, van Rooyen stood as the Chairman of the Audit Committee, having resigned from this role at the end of May.

Additionally, he has also acted as the Chairman of the Financial Reporting Standards Council (FRSC), the CEO of the Financial Service Board, and been a Partner at Deloitte & Touche during his career.

Further, van Booyen currently acts as a Director for a number of companies including the Uranus Group, MTN Group and Pick n Pay Stores.

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Apr 22, 2021

Lynas revenue jumps 21% as rare earth prices jump

Lynas
RareEarth
WindTurbines
electricvehicles
2 min
Lynas Rare Earths sees revenue boost as selling prices for the key metals hit record highs amid strong demand for neodymium and praseodymium (NdPr)

Australian miner Lynas Rare Earths posted a 20.6% rise in revenue in the March quarter as selling prices for the key metals it mines hit record highs amid strong demand, particularly for neodymium and praseodymium (NdPr).

NdPr

NdPr is used in magnets for electric vehicles and windfarms, in consumer goods like smartphones, and in military equipment such as jet engines and missile guidance systems.

The company said it plans to maintain production at 75% however, as it seeks to continue to meet covid-19 safety protocols and grapples with shipping difficulties. Shares in Lynas fell 6.1% after the results.

“They have faced a few logistics issues, and it would be good to know when they are going to start lifting their utilisation rates a bit,” said portfolio manager Andy Forster of Argo Investments in Sydney.

“Pricing has been pretty strong although it may have peeled back a bit recently. I still think the medium, long-term outlook is pretty good for their suite of products.”

Lynas post ed revenue of A$110mn ($85.37mn) for the three months to the end of March, up from A$91.2mn a year earlier as prices soared.

Rare Earths

It said its full product range garnered average selling prices of A$35.5/kg during the March quarter, up from $23.7 in the first half of the financial year. “While the persistence of the covid crisis, especially in Europe, calls for careful forecasts for our business ahead, we see the rare earth market recovering very quickly,” said Lynas, the world’s largest rare earths producer outside China.

Freight demand has spiked during the pandemic, while the blockage of the Suez Canal in March delayed a shipment to April.

Lynas’ output of 4,463 tonnes of rare earth oxide (REO) during the quarter was marginally lower than 4,465 tonnes from a year earlier.

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