Rare earths miner Lynas has more than doubled its annual revenue as its production rapidly increases.

The company mines metals used in many hi-tech products in Western Australia and operates a refinery in Malaysia.

Lynas achieved sales of $148.6 million in the year to June 30, up from $66.2 million in the previous year, as production more than doubled.

The company said prices for rare earths products are still at a cyclical low, and it would focus on reducing the cost of production in the year ahead.