Linus made a record net profit in half a year and the rare earth market continued to prosper.

Linus rare Earth Co., Ltd. ("Lynas") (ASX: LYC, OTC: LYSDY)) recently released its semi-annual financial results for the year ended December 31, 2021.

Amanda Lacaze, CEO and Managing Director of Linus rare Earth, said, "I am pleased to report a record after-tax net profit of $156.9 million, which is another time after our record fiscal year 2021 performance. Sales revenue for the current period increased to US $314.8 million, reflecting the continued prosperity of the market and customer demand for sustainable development. Market conditions are also strong, as shown in November 2021, when NdPr market prices exceeded $100,000,000 / kg for the first time since 2011. "

In addition, it noted, "it is gratifying that in the past six months, some milestones of the Lynas 2025 growth project have been achieved."

According to its semi-annual financial report, under the Lynas 2025 strategy, Lynas is investing in Mt Weld resources and is expected to accelerate this investment to ensure that Linus can continue to support its growing business. 4-1 activities in the mining industry have begun, and the resource extension drilling program has been completed at the end of half a year. The resource expansion drilling program was completed at the end of the first half of the year.

The progress of the Kalgoorlie rare earth processing facility continued during the past six months and was approved by the Minister on February 1, 2022. On February 1, 2022, the ministerial statement of the Kalguri rare earth processing facility was issued on February 1, 2022, in accordance with the Environmental Protection Act 1986 (Western Australia). The statement approved the implementation of the Kalguri rare earth processing facility and outlined the construction and operating conditions of the facility. This is consistent with the initiative put forward by Lynas. All necessary approvals for the Karguri project have now been received and construction activities have been accelerated.

(PDF), a permanent treatment facility for flood purification (WLP) residues in Malaysia, has been approved by the relevant Malaysian authorities. Environmental approval was obtained from the relevant Malaysian regulators in December 2021. December 2021. The facility is designed to meet national and international standards and is based on the residue storage facility that Linus has safely operated in Malaysia for nine years.

"I am proud of the achievements of our team in continuing to improve our ability to respond to the challenges of the pandemic," Amanda-Lacaze said. As we noted in our quarterly report in December, we are actively managing international logistics challenges and have chartered our own vessels to transport concentrates from Fremantel to Malaysia to provide more stable raw materials for our Malaysian processing plants. Our customers expect strong demand growth as we move further into fiscal year 2022, and we are positioning our business to meet accelerated demand through the Lynas 2025 growth program. "