USA Rare Earth posts first sales after Serra Verde acquisition
USAR•USA Rare Earth reported $3 million in third-quarter revenue, its first reported sales, and completed its Serra Verde acquisition. It expects at least 325 tonnes of Serra Verde total rare earth oxide sales in the fourth quarter, with average basket values of about $43 per kg at floor prices and $97 per kg at market prices.
1. First reported sales
USA Rare Earth reported third-quarter revenue of $3 million, its first reported sales. It posted an operating loss of $141 million, while net income was positive due to other income.
2. Acquisition and production
The company completed its acquisition of Serra Verde and began commercial-scale rare earth shipments. It also made initial commercial sales of neodymium-iron-boron magnets from its Stillwater, Oklahoma facility, and produced first samples of light and heavy rare earth oxides at its Wheat Ridge, Colorado facility for customer qualification.
3. Fourth-quarter outlook
USA Rare Earth expects Serra Verde sales volume of at least 325 tonnes of total rare earth oxides in the fourth quarter. It reported average basket values of about $43 per kg at floor prices and about $97 per kg at market prices.
