Lynas Rare Earths Ltd (ASX:LYC) reported quarterly sales revenue of A$157.5 million, compared to A$294.5 million reported last year.

The company’s total rare earth oxide (REO) production for the quarter was 4,475 REO tonnes, up from 3,650 REO tonnes reported last year.

The neodymium-praseodymium (NDPR) production for the quarter was 1,864 REO tonnes, up from 1,579 REO tonnes reported last year.

Lynas continues to accumulate inventory in preparation for the start-up of its Kalgoorlie rare earths processing facility.

The company’s team is targeting the first production of mixed rare earth carbonate (MREC) in September 2023 at Kalgoorlie.

Future pricing trends for rare earths will depend on economic recovery in China and the Chinese production quota for the second half of 2023.

Lynas' Kalgoorlie facility only requires a waste gas treatment plant for its first production, and the company has mobilized members of its Lynas Malaysia team to assist with the final stages of commissioning and initial stages of production at Kalgoorlie.

Lynas continues to seek a review of its Malaysian operating license conditions, while its Mt Weld expansion project is progressing as planned.