(Reuters) - Australia's Lynas Rare Earths posted a record more than three-fold jump in annual profit on Friday, boosted by soaring demand for the specialized metals it mines amid a global push for reducing carbon emissions.
Demand for neodymium and praseodymium (NdPr), widely used to make magnets that power electric vehicle motors, remained strong as companies and governments work towards meeting their climate targets.
The rare earths minerals are also used in a wide range of everyday goods such as iPhones and laptops.
"Rare earths prices were sustained at high levels during the second half of the year and the NdPr market price remained 70% to 80% higher than in the same period last year," said Chief Executive Amanda Lacaze.
The world's largest producer of rare earths outside China reported net profit after tax for the year ended June 30 of A$540.8 million ($377.37 million), compared with A$157.1 million a year ago.
The miner's full-year revenue rose to A$920 million from A$489.0 million a year earlier. The company did not declare a dividend.
Currently, the miner is planning to invest A$500 million to expand capacity at its Western Australia-based Mt Weld mine in an attempt to meet the demand for rare-earths materials.
($1 = 1.4331 Australian dollars)