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Lynas Rare Earths (OTCPK:LYSCF) miner Lynas reported record FY 2022 results on Friday, lifted by rising demand for the specialized metals it mines due to the global push for cutting carbon emissions.
The world's largest producer of rare earths outside China reported net profit after tax for the year ended June 30 of A$540.8M (US$377.3M), more than triple A$157.1M in the year-earlier period, while full-year revenues nearly doubled to A$920M from A$489M a year ago.
Lynas' (OTCPK:LYSCF) full-year production edged up by 1% to 15,970 tons, while neodymium and praseodymium output rose 7.5% Y/Y to 5,880 tons, with the average selling price for rare earth oxides jumping doubling to A$60.30/kg from A$29.80/kg.
"Rare earths prices were sustained at high levels during the second half of the year, and the NdPr market price remained 70%-80% higher than in the same period last year," CEO Amanda Lacaze said.
The company did not declare a dividend.