The Australian mining company increased production and sales volumes, but currently low rare earth prices are weighing on revenues.
Australian mining company Lynas released its financial results (PDF) on Wednesday for the half-year ended December 2024. The leading rare earth producer outside China reported a net profit of $3.7 million (AUS$5.9 million), a sharp decline compared to the 25 million recorded in the same period of the previous year. The company attributes the drop in profit to the currently low market environment for rare earths.
However, revenue increased to $161 million, up from nearly $149 million in the second half of 2023. Lynas cited a 22% increase in neodymium and praseodymium (NdPr) production to nearly 3,000 tonnes as the main reason. Sales volumes for this product group also rose by 23%.
CEO and Managing Director Amanda Lacaze described the current challenges in the rare earth market as short-term issues. She believes that growing demand in key industries and continued support from the Australian government for domestic supply chains could help the market recover.
Photo: iStock/jasonbennee
