The Lynas Rare Earths Ltd (ASX: LYC) share price is trading higher on Tuesday.
Lynas shares are up 2.04%, currently fetching $8.52 apiece. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.28% at the time of writing.
Let's take a look at how this ASX rare earths producer is performing today.
What is happening at Lynas?
Lynas is not the only ASX rare earths share in the green today. The Peak Rare Earths Ltd (ASX: PEK) share price is up 1.06%, while Arafura Rare Earths Ltd (ASX: ARU) shares are 2.47% higher. The S&P/ASX 200 Materials Index (ASX: XMJ) is also up 1.73% in late afternoon trade.
Today, Lynas held its annual general meeting. In a presentation, the company's CEO Amanda Lacaze highlighted demand is continuing to grow for rare earths used in electric vehicles and for wind energy.
The company showed a slide revealing another five kilotonnes (kt) of Neodymium-Praseodymium (NdPr) oxide is required for 10 million hybrid electric vehicles. And a further seven kt of NdPr oxide is needed for 10 million battery electric vehicles.
Lynas said it is targeting concentrate feedstock of 12,000 tonnes per annum of NdPr products in 2024.
The company shared a YouTube video of its global operations. Lynas said the Mt Weld mine in Western Australia is "one of the world's best rare earths resources". It also showed vision of Lynas Malaysia where rare earths are refined into products, highlighting:
Lynas Malaysia is the world's largest single rare earths processing plant.
In June, the company signed a contract with the US Defense Department for a $120 million heavy rare earths separation facility in the United States. The company is also constructing a rare earths processing facility in Kalgoorlie, Western Australia.
Commenting on the year overall, chair Kathleen Conlon said 2022 was an "excellent year for shareholders". She added:
Rare earths market prices and demand for NdFeB magnets were robust throughout the 2022 year. The recognition of Lynas as a leading supplier of rare earth materials meant that we experienced strong demand for the NdPr product family and mixed Heavy Rare Earth compound (known as SEG) and this was a key contributor to our excellent results.
Lynas reported a net profit after tax (NPAT) of $540.8 million in FY22 and sales revenue of $920 million.
Share price snapshot
Lynas shares have climbed just 0.24% in the past year, while they have fallen 16% year to date. In the past month, Lynas shares have risen 5%.
For perspective, the ASX 200 has climbed 0.06% in the last year.
Lynas has a market capitalisation of about $7.7 billion based on the current share price.
