MP Materials Doubles Product Sales in 2020

MP Materials Corp of Mountain Pass, CA has reported net income of US$24.1 million on product sales of US$42.2 million in 2020 compared with a net income of US$1.04 million on product sales of US$21.0 million in 2019.

MP’s production of rare earth oxides (REO) at its Mountain Pass mine in 2020 increased 8% to 9,337 tonnes and sales volumes increased 21% to 10,320 tonnes. The realized price per tonne of REO was US$4,070 versus US$2,389 in 2019.

James H Litinsky, MP’s CEO, said, “MP made significant progress throughout 2020 towards our mission to restore the full rare earth supply chain to the United States. In addition to strengthening our balance sheet through a successful business combination (with Fortress Value Acquisition Corp), we ramped-up our production of rare earths by nearly 40%, scaled our team to over 300 people, and put in motion our Stage II optimization plan at Mountain Pass. The accelerating global transformation towards electrification and decarbonization is creating strong demand for critical rare earth materials. These trends present  a bright outlook for the company as we prepare to begin delivering separated rare earth oxides in 2022.”

Volume 35, Issue 06

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