Lynas Rare Earths Ltd reported a 43% year-on-year increase in Q2 gross sales revenue, reaching A$201.9 million. The rise was driven by stronger rare earth prices, even though production volumes declined.

The Australian miner's neodymium and praseodymium output dropped nearly 30% quarter-on-quarter to 1,404 tonnes. Power disruptions in Kalgoorlie and planned maintenance in Malaysia contributed to the fall.

Investors responded positively, pushing Lynas shares up as much as 8%. The average selling price of rare earth products climbed to A$85.60 per kilogram, from A$49.20 a year earlier. CEO Amanda Lacaze noted sustained demand and favorable contract terms.

Market watchers see Lynas as a key alternative to Chinese supply. Its ability to maintain pricing power despite production hiccups may attract renewed investor interest in non-Chinese rare earth assets.