Rare Earths Miner Reports 74 Percent Profit Drop Due to Weak China Demand

Lynas claims to be the world’s only significant producer of rare earths outside China.

Rare earth minerals produced by Australia's Lynas Corp from its Mount Weld operations are displayed near Laverton, Western Australia on Aug. 23, 2019. Melanie Burton/Reuters

Rare earths miner Lynas has reported a 74 percent decline in net profit after tax in the first half of the 2024 financial year.

Lynas produces rare earths Neodymium and Praseodymium (NdPr) which are used in powerful magnets for electric vehicles, wind turbines, electronics, appliances, and technologies.