The Lynas Rare Earths Ltd (ASX: LYC) share price is up more than 5% today. It's currently one of the biggest risers in the S&P/ASX 200 Index (ASX: XJO).
Lynas has also been one of the stronger performers over the past year. Over the last 12 months, the Lynas share price has risen by around 85%.
The materials sector is the strongest-performing sector on the ASX right now. Looking at some of the biggest names, the BHP Group Ltd (ASX: BHP) share price is up 2.44%, the Rio Tinto Limited (ASX: RIO) share price is up 1.94%, and the Fortescue Metals Group Limited (ASX: FMG) share price is up 1.92%.
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What's happening with the Lynas share price?
While there has been no official news from the rare earth miner today, the company's share price has risen by around 20% since its FY22 half-year result.
The first six months of the current financial year showed a significant year-on-year increase in revenue and profitability.
Revenue rose by 55% to $314.8 million. The cost of sales decreased by 7% to $140.3 million. Net profit after tax (NPAT) surged 286% to $156.9 million.
Management said there is continued "buoyancy" of the market and strong customer demand for a sustainable supply of rare earths. According to Lynas, its customers are optimistic about demand growth, and market conditions are robust. The NdPr (neodymium and praseodymium) market price exceeded US$100 per kilo in November 2021, for the first time since 2011.
The company is investing in several areas in line with its Lynas 2025 strategy. For example, it's working on a rare earth processing facility in Kalgoorlie and it's also investing in its Mt Weld resource in Western Australia.
