Lynas Rare Earths (ASX: LYC) reported a record A$920 million (US$640 million) in revenue and a net profit after tax of A$540.8 million ($US$375 million).
Sales revenue increase by 88.1% from the 2021 result. Rare earths prices were sustained at high levels during the second half of the year, and the NdPr market price remained 70% to 80% higher than in the same period last year.
The company said construction of its Kalgoorlie Rare Earths Processing Facility progressed during the year. All necessary approvals for the Kalgoorlie project were received, 100% of equipment was ordered, and construction works at the end of FY2022 were over 40% complete.
"In August 2022 Lynas announced an approximately $500m project to expand capacity at the Mt Weld mine and concentration plant beyond the previously announced 10,500 tonnes per annum of NdPr finished product to produce the feedstock concentrate required for 12,000 tonnes per annum of NdPr finished product. This is an essential step to meet accelerating market demand for rare earth materials. Together with the construction of the Kalgoorlie Processing Facility, this project brings Lynas’ investment in the development of critical minerals capacity on the Goldfields region of Western Australia to approximately $1 billion," wrote the company.
