The Australian miner’s sales of rare earths — used in smartphones, electric vehicle motors and military equipment — jumped 25% from a year earlier in the three months through June.

Production of rare earth oxides, neodymium and praseodymium rose 43% in the period.

Lynas is expanding its processing plant in Kalgoorlie, Australia, and started production of a new suite of ‘heavy’ rare earth products from its Malaysian refinery, making it the sole supplier of the material outside China.

The company is looking to develop a new plant in Texas, as the US builds on efforts to form a domestic alternative to Beijing, which has leveraged its dominance in trade talks.

“Lynas welcomes the recent industry-shaping initiatives by the US administration,” the company said.

“While market volatility is expected to continue through the September 2025 quarter, as a result of uncertainties in the global trade environment, Lynas is experiencing a significant increase in demand from direct-end customers and new magnet maker projects.”

The miner, backed by Australia’s richest person, Gina Rinehart, also announced it had struck a preliminary agreement with South Korean magnet maker JS Link Inc to collaborate on a new factory in Malaysia near Lynas’s refinery.

Lynas said it achieved the highest average selling price in three years.

The company’s shares rose as much as 4.2% in Sydney and are at their highest since April 2022.