Australian rare earths miner Lynas experienced a 74% drop in net profit after tax for H1 2024, due to lower Neodymium and Praseodymium prices.

Australian rare earths miner Lynas reported a 74% drop in net profit after tax for the first half of the 2024 financial year, with a net profit of $39.5 million (US$25.9 million), down from $150.1 million in the first half of 2023. The decline is attributed to lower average domestic prices of Neodymium and Praseodymium, which fell from $60.4 (AU$92.2) per kilogram in June 2023 to $56 per kilogram in December 2023 amid a construction downturn in China. Despite this, Lynas predicts a significant rise in rare earth demand to more than 180,000 tonnes per annum until 2050.