Rare earths are found in everything from electric cars to fighter jets, and China dominates their supply. Lynas is the biggest producer outside China. Here’s how it makes its money.
Lynas Rare Earths is the world’s largest producer of separated rare earths outside China, and one of the most closely watched companies on the ASX.
Rare earths are a group of 17 metals with unusual magnetic and other properties. They aren’t actually rare, but they are hard and expensive to separate from each other. China controls most of the world’s rare earths mining and almost all of the processing.
Lynas reports in Australian dollars, and its financial year ends on 30 June.
From Mt Weld to Malaysia
Lynas mines rare earths at Mt Weld, near Laverton in Western Australia, one of the richest rare earths deposits in the world.
The ore is processed at a plant in Kalgoorlie, then shipped to Kuantan in Malaysia, where it is separated into individual rare earths.
Its most valuable product is NdPr, a mix of neodymium and praseodymium used to make permanent magnets. Those magnets are essential in electric vehicle motors, wind turbines, phones, drones and military equipment.
It has also begun producing heavy rare earths, dysprosium and terbium, which make magnets work at high temperatures and were previously only separated at scale in China.
Geopolitics
Because China dominates the industry, governments in the U.S., Japan, Europe and Australia see Lynas as strategically important. When China restricted rare earths exports in 2025, demand for supply from outside China jumped.
Lynas has signed supply deals with customers in Japan and the U.S. that include minimum prices, protecting it if prices fall.
The risks
The risks include falling rare earths prices, competition from China, which can flood the market, environmental and licensing issues in Malaysia, and the cost of expanding.
Amanda Lacaze, chief executive since 2014, retired in 2026. Pol Le Roux became interim chief executive on 30 June 2026 while the board searches for a permanent replacement.
Latest results, as at 9 November 2026
Full year to June 2026, reported 26 August 2026: revenue rose 76 per cent to a record $978 million, and net profit jumped to $222 million, from $8 million a year earlier, as rare earths prices hit records. It produced 7,260 tonnes of NdPr, up 11 per cent. Its Malaysian operating licence was renewed for 10 years. Lynas raised more than $900 million from investors during the year to fund growth, and did not pay a dividend.
Next update: Lynas reports its half-year results, to December 2026, in February 2027.
