MP Materials Reports Record Rare Earth Oxide Production for 2021

MP Materials Corp of Las Vegas, NV has reported a 2021 net income of US$135.0 million on revenue of US$331.9 million compared with a net loss of US$21.8 million on revenue of US$134.3 million in 2020. In 2021 the company produced 42,413 tonnes of rare earth oxides concentrate at its Mountain Pass, CA facility, the highest in its history. Sales volume more than doubled to 42,158 tonnes and the average realized price was up 134% to US$7,745/tonne.

James H Litinsky, MP Materials’ CEO, said, “2021 was a banner year for MP Materials, headlined by record annual production and financial results and accelerated progress on our mission to restore the full rare earth supply chain to the United States. In Q4, in addition to delivering strong performance, we began executing on our magnetics strategy, signing a long-term supply agreement with General Motors and announcing our initial magnetics facility.”

Volume 36, Issue 05

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