
Lynas makes rare earths comeback
Lynas Rare Earths (ASX: LYC) has reported its best first-half profit in three years as global demand for critical minerals surged and commodity prices remained elevated.Lynas, the world’s largest rare-earth producer outside China, reported a 63% rise in revenue for $413.7m in the for the first half of FY26, following the average price of of all its rare earth products rose to $96/kg during the half.This trend has continued in 2026 with neodymium-praseodymium reaching a domestic price of $157 /kg in China.Lynas Rare Earths chief executive Amanda Lacaze says the market is moving quickly.“Following the completion of the Lynas 2025 capital investment program, we have the assets and capabilities to immediately benefit from the improved market conditions,” she said.“Lynas is the only company able to capture the full value of this market upside.“This is due to our position as the only commercial producer of separated light and heavy rare earth oxides outside China today.”The company also saw a 32% increase in cost of sales due to a 14% increase in neodymium-praseodymium sales volume and a full 6 months of operating costs from Lynas Kalgoorlie. Significant power outages in Kalgoorlie and maintenance activities in Kuantan during the December quarter further contributed to these costs.“All of this occurred in a global context where the focus on rare earth supply chain security is reshaping the market through government actions to address dysfunction and supply challenges,” Ms Lacaze said.At Mt weld, completion of commissioning the expansion project saw the flotation circuit ramped up to 70% of the nameplate and the new hybrid renewable power station achieved 92% renewable energy production in December.“This has been a very exciting period for Lynas,” Ms Lacaze said.“We completed commissioning for the Mt Weld expansion project, delivered the first half year of heavy rare earth production at Lynas Malaysia, launched the Towards 20230 growth strategy and successfully completed an equity raising to support our growth agenda.









