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The prices of neodymium and praseodymium (NdPr), widely used to make magnets that power EV motors, have nearly tripled over the past 14 months, as companies and governments step up efforts to meet climate targets.

Rare earth materials are a group of 17 minerals that are also used in wind turbine generators, smartphones and military equipment.

“Demand for Lynas products remained very strong during the quarter and favourable market conditions continued, with customers indicating their expectation of accelerated demand in the next quarter,” Lynas CEO Amanda Lacaze said.

However, shipping delays and disruptions hurt production of NdPr, with output falling to 1,359 tonnes in the three months to Dec. 31 from 1,367 tonnes a year earlier, the world’s largest producer of rare earths outside China said.

Revenue jumped nearly 70% to A$202.7 million ($145.56 million) for the December quarter, compared with A$119.4 million a year earlier.