Highlights for the period ended December 31 included gaining environmental approvals for its proposed Kalgoorlie Rare Earths processing facility, delivery of its five kilns for the project, and Malaysian government blessings for its permanent disposal facility.

Lynas posted record sales revenue of $202.7 million, up 70% on the previous quarter.

Favourable market conditions for neodymium and praseodymiumand (NdPr) and other rare earth elements led to a revenue jump.

NdPr has enjoyed unprecedented rallies over the past 12 months, and the evidence suggests this will continue.

Towards the end of 2021, NdPr reached a basket price of US$134.50 a kilo, well above the US$50-US$60kg price of just a few years ago.

Within Lynas' total output, NdPr production came in at 1359t, versus 1255t in the September period.

However, one challenge for Lynas has been shipping its product amid the Omicron and general COVID-19 pandemic and the restrictions.

To mitigate the transportation issues, Lynas has chartered its own vessel to ship its ore to the processing facility in Malaysia.

"To mitigate the impact of the global shipping delays, the team implemented solutions including chartering a ship to transport Lynas' rare earth concentrate from Fremantle to Kuantan Port," Lynas chief executive Amanda Lacaze said.

"While this comes at additional cost, it is outweighed by the benefit of ensuring continuity of supply to our customers.

"We expect to continue with a combination of charter and commercial shipping in the near term."