(Reuters) – Australia’s Lynas Rare Earths posted a record quarter-end revenue Tuesday as the demand for its specialized metals grew amid a worldwide push to reduce carbon emissions and electrify cars.

In recent years, demand has skyrocketed for Lynas’ most valuable minerals (Neodymium) and praseodymium(NdPr) as companies and countries shift to cleaner energy in an effort to combat climate change.

Automobile manufacturers use these minerals to produce magnets that can be used in electric vehicle motors. Also, rare earths can be used to make a variety of goods such as laptops and iPhones.

Amanda Lacaze, Chief Executive Officer of NdPr stated in a statement that “the market price for NdPr continued its strengthening during the March quarter”

According to the world’s biggest producer of rare earths, it has seen its revenue rise to A$327.7million ($243.15million) over the past year. This is compared to A$110 million last year.

Also, the miner posted record NdPr production at 1,687 tonnes in quarter one. This is an increase of 1,359 tonnes compared to a year ago.

Lynas’ entire product line was sold at an average price of A$67.4/kg, up from A$35.5/kg the year before.

($1 = 1.3477 Australian dollars)