MP Materials Corp of Mountain Pass, CA has reported net income of US$27.2 million on product sales of US$73.1 million in the second quarter of 2021 compared with a net loss of US$62.5 million on product sales of US$30.4 million in the same period of 2020.
MP’s production of rare earth oxides (REO) at its Mountain Pass mine in the latest quarter was 10,305 tonnes and sales volumes were 9,877 tonnes compared with production of 9,287 tonnes and sales of 10,297 tonnes in the second quarter of 2020. The realized price per tonne of REO was US$7,343/tonne versus US$3,093/tonne in the second quarter of 2020.
James H Litinsky, MP’s CEO, said, “MP Materials’ second quarter results demonstrate our strong execution as demand for rare earth materials continue to grow, The MP team produced the highest quarterly REO output in Mountain Pass history, driving revenues to more than double.”
“As we continue to drive strong performance in our Stage I operations, we are making steady progress on our Stage II optimization and remain on track to deliver our first full year of separated NdPr production in 2023. In addition, our Stage III team is making significant progress on our strategy to repatriate magnet manufacturing in the United States, and we intend to announce the site of our initial facility this year.”
Volume 35, Issue 15