WA-based Lynas Rare Earths, the largest rare earths producer outside China, has posted record quarterly revenue on the back of “very strong” demand for its range of specialised metals that offset softer prices.

Lynas reported a jump in fourth-quarter revenue to $185.9m, more than triple $38m a year earlier, pushing the stock up 9%.

Demand for rare earth materials such as neodymium and praseodymium (NdPr) has rebounded from a pandemic-driven drop last year as electric vehicles continue to gain popularity amid a global push to reduce carbon emissions.

Lynas and other western producers stand to benefit from efforts by the US to curb its reliance on China for the minerals, which are used in items such as magnets for windfarms, gadgets like smartphones, and military equipment.

The company also said it had identified a second potential site in Malaysia to build a low-level radioactive waste disposal facility amid ongoing delays for clearance of an earlier site identified by the Pahang state government.