Lynas profit soars as rare earth prices climb

Lynas Rare Earths’ profit has soared more than thirteenfold after pocketing a higher price for its sought-after product, despite power outages at its Kalgoorlie plant.

The WA-domiciled miner of rare earth elements posted net profit after tax of $80.2 million for the six months to December, a significant jump from $5.9 million in the first half of FY25.

Lynas almost doubled its revenue to $413.7 million for the half-year after producing 6,375 tonnes of its product, which has critical renewable technology and defence system applications.

The Gina Rinehart-backed miner achieved an average selling price of $68.4 per kilogram in the six months, up from the $44.6/kg it was pocketing in the prior corresponding period.

Lynas told the market its production and sales were strong despite power disruption challenges at its Kalgoorlie rare earths processing facility in November and December.

Those Goldfields power disruptions cost Lynas about a months’ worth of production at a time of heightened demand for its product.

The WA miner and Malaysian processor inked its first customer contracts for its separated heavy rare earth oxides, as the only significant producer outside China.

Outgoing chief executive Amanda Lacaze said the results came amid the focus on rare earth supply chain security and government actions reshaping the market.

She said the average China domestic price of Neodymium-Praseodymium increased from US$56/kg in December 2024 to US$74/kg in December 2025.

“This, together with initiatives to optimise the product mix and increase the share of sales at prices independent of the market index contributed to an average selling price of $68.4 across all of Lynas’ rare earth products in the half year,” Ms Lacaze said.

Ms Lacaze added that the upwards price trend had continued, with the price of the rare earth product reaching US$111.5/kg on Wednesday.

Lynas operates the only rare earths mine in the country, with California miner MP Materials the only other producer outside China’s grasp on production and processing.

Rare earths have been in the global spotlight as Western governments look to break China’s market dominance and shore up local supply chains of the critical mineral.

Shares in Lynas last changed hands at $17.11, up slightly in morning trade.