Lynas profits drop 85% as rare earth prices remain 'stubbornly low'

SYDNEY -- Lynas, the only major producer of separated rare earths outside of China, reported an 85% drop in profits on Wednesday, as prices for the minerals remained "stubbornly low."

The Australian-listed company recorded a net profit after tax of 5.9 million Australian dollars ($3.7 million) for the second half of 2024, despite revenue growing 8% to AU$254.3 million.