Lynas Rare Earths shares surged nearly 5% after the Australian rare earths producer reported a 13-fold jump in half-year profit, driven by robust overseas sales and rising commodity prices. The company posted a net profit of A$80.2 million ($57.1 million) for the six months to December 31, compared to A$5.9 million a year ago.

Revenue climbed to A$413.7 million from $254.3 million as rare earth sale volumes rose sharply, with more countries seeking materials outside China. Lynas also benefited from Beijing lifting some export controls on rare earths through December, which helped ease supply glut and sparked a rally in domestic rare earth prices.

The company has capitalized on growing demand for rare earth production outside China, particularly as U.S.-China relations deteriorated. Rare earth minerals like neodymium and praseodymium are critical for defense and consumer electronics applications, though they remain difficult to extract despite being relatively abundant in the Earth's crust.