Lynas Corp chief executive Amanda Lacaze said the rare earths group is "very engaged" with governments around the world looking to loosen China's stranglehold on the vital sector as the company posted a 50 per cent jump in net profit to $80 million for the year ending June 30.

While pricing has been volatile, the company reported record production levels with rare earth oxide production of 19,737 tonnes, a jump from 17,753 tonnes the previous year.

Lynas's Mount Weld mine in Western Australia, the richest known rare earths deposit in the world.

Rare earths refers to the 17 elements crucial to the manufacture of many hi-tech products such as mobile phones, electric cars and wind turbines.

Minelife founder and senior resource analyst Gavin Wendt said Lynas' results were not surprising given the state of the market.