The Lynas Rare Earths Ltd (ASX: LYC) share price was a true outperformer in the 2022 financial year (FY22).
The S&P/ASX 200 Index (ASX: XJO) rare earths producer kicked off FY22 trading for $5.71. By the closing bell on 30 June 2022, it was trading for US$8.73, a gain of 53% over the 12 months.
That performance is even more impressive with the ASX 200 itself falling some 10% in FY22.
Based out of Perth, Lynas is the second-largest producer of rare earths on the planet. It also counts as the only significant rare earths producer outside of China. The company's Australian concentration plant is located at Mt Weld, Western Australia. It has an advanced materials plant in Malaysia's Gebeng Industrial Park.
Lynas share price hits multi-year high in FY22
If not for the big retrace in June, which saw the Lynas share price fall 11% amid a wider market sell-off among materials and resources shares, the numbers for FY22 would be even hotter.
In fact, on 4 April, the company hit multi-year highs, closing at $11.39 per share.
The Lynas share price has certainly benefited from the West's push to break China's monopoly on rare earths, which consist of 17 different elements.
The various metals are critical for the production of all sorts of technology, from computers and smartphones to a range of modern military hardware. That's seen the Australian Federal Government list rare earths among its critical mineral designations.
It's also seen investors turn their attention to ASX rare earths explorers and producers as the price of rare earth elements has rocketed.
Record quarterly sales amid higher prices
In April the Lynas share price received a boost when the company reported exceptionally strong quarterly results for the three-month period ending 31 March.
Sales and production were both up as were the prices it obtained for its products.
Lynas reported quarterly sales revenue of $327.7 million. That was an increase of 61.7% from the same quarter in FY21 and a new quarterly record.
The company also realised a 17.5% year-on-year increase in its total rare-earth-oxide (REO) production and a 24.1% increase in its Neodymium-Praseodymium (NdPr) production, setting another quarterly record.
This came as the average selling price it achieved came in at $64.7 per kilogram, up more than 82% year-on-year.
