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Australia’s Lynas Rare Earths posted a record full-year profit on Monday, bouncing back from losses a year earlier, as demand for the specialized metals it mines boomed after covid-19 curbs eased.

A surge in orders for electric vehicles amid the global push to reduce carbon emissions and a reopening from pandemic-related restrictions have helped the rare earths market recover from last year’s troughs.

Lynas, the world’s biggest rare earths miner outside China, said profit after tax came in at A$157.1 million ($113.74 million) for the year ended June 30, compared with a loss of A$19.4 million a year earlier.

“The rare earths market rebound despite the ongoing pandemic reinforces the importance of this critical material globally,” Chief Executive Officer Amanda Lacaze said in a statement.

Rare earths are used in a wide range of products, including electric vehicles, smartphones and military equipment.

Lynas’s full-year revenue rose to A$489.0 million, from A$305.1 million a year ago. The company did not declare a dividend.

($1 = 1.3812 Australian dollars)

(By Soumyajit Saha and Harish Sridharan; Editing by Aditya Soni)