Particle.news

Download on the App Store

MP Materials Posts Record Rare Earth Output and Narrows Loss as Shares Surge

Strong results underscore momentum for U.S. rare earth supply chain expansion as production is forecast to climb next quarter.

A view of the MP Materials rare earth open-pit mine in Mountain Pass, California, U.S. January 30, 2020. Picture taken January 30, 2020. REUTERS/Steve Marcus/File Photo
Image

Overview

  • MP Materials produced a record 597 metric tons of neodymium-praseodymium oxide in Q2, marking a nearly 120% year-on-year increase.
  • The company narrowed its adjusted loss to 13 cents per share, down from 17 cents in the same quarter last year.
  • MP expects NdPr oxide output to rise 10% to 20% sequentially in the current quarter.
  • The Defense Department invested $400 million in equity at a $110 per kilogram price floor for NdPr and Apple pledged $500 million for magnet supply and recycling.
  • Backed by those agreements and a $650 million stock offering, MP is set to accelerate a domestic mine-to-magnet supply chain.