(Reuters] – Australia’s Lynas Rare Earths Ltd recorded a record half-year profit on Friday. The increase in demand for electric vehicle minerals, in light of global efforts to reduce carbon emissions, was a key factor in the company’s success.

In recent years, demand for neodymium/praseodymium has skyrocketed as companies and countries attempt to address climate change.

Automobile manufacturers use this mineral to produce magnets that can be used in electric vehicle motors. You can also use rare earths in many everyday products like laptops and iPhones.

Amanda Lacaze, chief executive officer of Rare Earths International said that the result was a reflection of market strength and strong customer demand.

“Our customers believe that demand will rise strongly as we progress into FY22,” she said.

According to the world’s biggest producer of rare earths, the net profit after taxes for the six-month ended December 31 was A$156.9 Million ($113 Mio.), nearly four times the A$40.6 mil recorded last year.

The company’s sales revenue increased by A$314.8 Million to A$202.5 Million from one year ago. However, the company did not announce an interim dividend.

($1 = 1.3943 Australian dollars)