Lynas Rare Earths (ASX:LYC), the world’s largest producer of rare earth materials outside China, reported a 25% rise in quarterly revenue, driven by higher prices and record production of neodymium-praseodymium (NdPr). For the quarter ended June 30, revenue reached A$170.2 million ($112.5 million), up from A$136.6 million a year earlier.
The Australia-based miner achieved its highest average selling price since mid-2022, climbing to A$60.2 per kilogram. Sales receipts rose to A$152.7 million during the quarter, supported by record NdPr output of 2,080 tonnes. NdPr is critical in producing high-performance magnets used in electric vehicles and wind turbines, positioning Lynas as a key supplier amid rising global demand for clean energy components.
In a separate filing, Lynas announced a memorandum of understanding with South Korea’s JS Link to establish a sustainable rare earth permanent magnet supply chain in Malaysia. The collaboration will develop a 3,000-tonne capacity NdFeB permanent sintered magnet manufacturing facility in Kuantan, Malaysia, enhancing Lynas’s downstream capabilities.
Shares of Lynas rose 0.6% in Sydney following the earnings release, reflecting positive investor sentiment toward the company’s strategic expansion and pricing strength in the rare earth market.
