Lynas Reports 85% Profit Drop Amid Challenging Rare Earth Market and Rising Costs

Australian rare earths producer Lynas Rare Earths reported an 85% drop in net profit to US$3.75 million for 2024, citing challenging market conditions and low rare earth prices. Despite an 8% revenue increase to US$161 million, rising production costs impacted profits. The price of NdPr alloy, used in electric vehicle motors, fell from US$56/kg to US$49/kg. Lynas remains one of the few non-Chinese producers in a market dominated by China, which controls 90% of the global supply. To counter China’s dominance, the US awarded Lynas a US$258 million contract to build a refinery in Texas.

Lynas profit drop

More Business News

Elridge Energy Registers Profit of RM56.36 Million for FY2024

BIZ NEWS CODE

Read More News on Business News Malaysia