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| logo_alt =
| logo_caption =
| type = [[Public company|Public]]
| traded_as = {{ubl|{{NYSE|MP}}|[[
| industry = {{ubl|[[Materials]]|[[Mining]]}}
| founded = {{Start date and age|2017}}
|
| area_served = Worldwide
| founders = {{ubl|James Litinsky|Michael Rosenthal}}
| key_people = James Litinsky<br>{{small|(Executive Chairman & CEO)}}<br>Michael Rosenthal<br>{{small|(COO)}}
| products = [[Rare-earth elements|Rare earth concentrates]],<ref name="WSJApril2023">{{cite news |last1=Khan |first1=Yusuf |title=The U.S. Wants a Rare-Earths Supply Chain. Here’s Why It Won’t Come Easily. |url=https://www.wsj.com/articles/the-u-s-wants-a-rare-earths-supply-chain-heres-why-it-wont-come-easily-dfc3b632 |access-date=14 April 2024 |publisher=The Wall Street Journal |date=25 April 2023 |archive-url=https://web.archive.org/web/20240414210058/https://www.wsj.com/articles/the-u-s-wants-a-rare-earths-supply-chain-heres-why-it-wont-come-easily-dfc3b632 |archive-date=14 April 2024}}</ref> metals,<ref name="Politico2022">{{cite news |last1=Seligman |first1=Lara |title=China Dominates the Rare Earths Market. This U.S. Mine Is Trying to Change That. |url=https://www.politico.com/news/magazine/2022/12/14/rare-earth-mines-00071102 |access-date=10 May 2024 |publisher=Politico |date=14 December 2022 |archive-url=https://web.archive.org/web/20221214114150/https://www.politico.com/news/magazine/2022/12/14/rare-earth-mines-00071102 |archive-date=14 December 2022}}</ref> and neodymium magnets<ref name="startelegram">{{cite news |last1=Cardona |first1=Megan |title=MP Materials magnet manufacturing facility to bring over 100 jobs to North Texas |url=https://www.star-telegram.com/news/business/article256500906.html |access-date=21 May 2024 |publisher=Fort Worth Star-Telegram |date=10 December 2021}}</ref>
| production_year = 2020
| production = 38,500 tonnes<ref name=foxb>{{cite news |last1=Zhou |first1=Jackie |title=US seeks to challenge China on rare-earth elements, key ingredients in Biden's energy plan |url=https://www.foxbusiness.com/markets/us-china-rare-earth-elements-biden-energy-plan |access-date=12 July 2021 |work=Fox Business |date=9 May 2021}}</ref>
| owner = JHL Capital Group, QVT Financial LP, James Litinsky, Shenghe Resources<ref>{{cite web |title=Could The MP Materials Corp. (NYSE:MP) Ownership Structure Tell Us Something Useful? |url=https://simplywall.st/stocks/us/materials/nyse-mp/mp-materials/news/could-the-mp-materials-corp-nysemp-ownership-structure-tell |website=Simply Wall Street |access-date=20 August 2021}}</ref>
| num_employees = 681<ref name="yahoo">{{cite web |title=MP Materials Corp. |url=https://finance.yahoo.com/quote/MP/profile/ |website=Yahoo! Finance |access-date=21 May 2024}}</ref>
| num_employees_year =
|archive-url=https://web.archive.org/web/20240414213302/https://www.kolotv.com/2024/01/16/cortez-masto-looking-strengthen-domestic-green-energy-rare-earth-elements-supply-chain-dominated-by-china/ |archive-date=14 April 2024}}</ref>
| divisions =
| website = {{Official URL
| footnotes = <ref name="8K">{{cite web | url=https://sec.report/Document/0001193125-20-301518/ | title=MP Materials Corp 2020 Form 8-K Quarterly Report | publisher=[[U.S. Securities and Exchange Commission]] | access-date=January 31, 2021 | archive-date=November 23, 2020 | archive-url=https://web.archive.org/web/20201123222119/https://sec.report/Document/0001193125-20-301518/ | url-status=live }}</ref><ref name="Q3 2020 Summary">{{cite press release |title=MP Materials Corp 2020 Q3 Summary |url=https://www.sec.gov/Archives/edgar/data/1801368/000119312520301512/d88445dex991.htm |publisher=[[U.S. Securities and Exchange Commission]] |access-date=January 31, 2021 |archive-date=February 4, 2021 |archive-url=https://web.archive.org/web/20210204220718/https://www.sec.gov/Archives/edgar/data/1801368/000119312520301512/d88445dex991.htm |url-status=live }}</ref>
}}
[[File:Mountain Pass Mine, California (ASTER).jpg|thumb|
'''MP Materials Corp.''' is an American [[Rare Earth element|rare-earth]] materials company headquartered in [[Las Vegas]], [[Nevada]]. MP Materials owns and operates the [[Mountain Pass mine]], the only operating rare earth mine and processing facility in the [[United States]].<ref name="Bloomberg Californian">{{cite news |title=The Californian Rare Earths Mine Caught Between Trump and China |work=Bloomberg News |date=September 27, 2018 |url=https://www.bloomberg.com/news/articles/2018-09-27/the-californian-rare-earths-mine-caught-between-trump-and-china |access-date=January 31, 2021 |archive-date=February 4, 2021 |archive-url=https://web.archive.org/web/20210204114746/https://www.bloomberg.com/news/articles/2018-09-27/the-californian-rare-earths-mine-caught-between-trump-and-china |url-status=live }}</ref> The rare earth materials industry is dominated by China, which produces 60% of the world's rare earth elements and processes 90% of these materials, including imports from other countries.<ref>{{Cite web |last=Treadgold |first=Tim |title=Rinehart’s New Attack On China’s Rare Earth Dominance |url=https://www.forbes.com/sites/timtreadgold/2024/04/16/rineharts-new-attack-on-chinas-rare-earth-dominance/ |access-date=2024-06-18 |website=Forbes |language=en}}</ref> MP Materials focuses its production on [[Neodymium]]-[[Praseodymium]] (NdPr), a rare earth material used in high-strength permanent magnets that power the traction motors found in [[electric vehicle]]s, [[robotics]], [[wind turbine]]s, [[Unmanned aerial vehicle|drones]] and other advanced motion technologies.<ref>{{cite news |title=MP Materials CEO says rare magnets supplier is a 'picks-and-shovels play' for EV market |work=CNBC |date=December 16, 2020 |url=https://www.cnbc.com/2020/12/16/mp-materials-ceo-on-being-a-picks-and-shovels-play-for-ev-market.html |access-date=January 31, 2021 |archive-date=February 6, 2021 |archive-url=https://web.archive.org/web/20210206073149/https://www.cnbc.com/2020/12/16/mp-materials-ceo-on-being-a-picks-and-shovels-play-for-ev-market.html |url-status=live }}</ref> MP Materials is listed on the [[New York Stock Exchange]] under the [[ticker symbol]] "MP". As of December 2021, JHL Capital Group, QVT Financial and CEO James Litinsky were the company's three largest shareholders, with about 7.7% of the company owned by [[Shenghe Resources]], a Chinese
==History==
In 2015, [[Molycorp]], the previous owners of the [[Mountain Pass mine]], filed for bankruptcy. At the time, it was the only U.S. producer of rare earth elements.<ref>{{cite news |last1=Miller |first1=John W. |last2=Zheng |first2=Anjie |title=Molycorp Files for Bankruptcy Protection |url=https://www.wsj.com/articles/this-article-also-appears-in-daily-bankruptcy-review-a-publication-from-dow-jones-co-1435219007?mod=mktw&tesla=y |access-date=12 July 2021 |work=Wall Street Journal |date=25 June 2015}}</ref> While in bankruptcy, Secure Natural Resources (SNR), a company owned by Molycorp's creditors, including JHL Capital Group, gained control of the mine's mineral rights.<ref name=WSJ>{{Cite Q|Q114387203|access-date=2022-10-03}}</ref> In June 2017, the Mountain Pass mine was purchased at auction for $20.5 million by a new entity called MP Mine Operations LLC (MPMO).<ref>{{Cite Q|Q114387011|access-date=2022-10-03}}</ref> MPMO was a consortium formed principally by JHL Capital Group, a Chicago-based investment firm led by James Litinsky, along with QVT Financial LP and Shenghe Resources.<ref name=lvrj>{{cite news |last1=Hudson |first1=Sabrina |title=Mine near Las Vegas produces much of world's rare earth materials |url=https://www.reviewjournal.com/local/local-nevada/mine-near-las-vegas-produces-much-of-worlds-rare-earth-materials-2366832/ |access-date=12 July 2021 |work=Las Vegas Review Journal |date=29 May 2021}}</ref> Shenghe
Following the asset acquisitions and formation of the entities that became MP Materials, the company restarted operations at Mountain Pass. On July 15, 2020, the company announced a [[reverse takeover]] whereby MPMO and SNR would be merged with Fortress Value Acquisition Corporation to become a public company under the name MP Materials Corp. The transaction, which closed on November 17, 2020, raised $545 million.<ref>{{cite news |last1=Gupta |first1= Ruchi |title=Is MP Materials Stock a Good Investment? |url=https://marketrealist.com/p/mp-materials-ipo/ |access-date=9 August 2021 |work=Market Realist |date=19 November 2020}}</ref> On November 18, 2020, MP Materials began trading on the New York Stock Exchange under the symbol "MP".
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In December 2021, MP Materials signed a long-term agreement with [[General Motors]] to provide [[Neodymium magnet|neodymium-iron-boron magnets]] for use in GM's electric vehicle motors.<ref>{{cite news |last1=Root |first1=Al |title=GM Keeps Building Up Its EV Supply Chain. Here's the Latest Deal. |url=https://www.barrons.com/articles/gm-stock-ev-materials-supply-chain-51639065336 |access-date=26 January 2022 |work=Barrons |date=9 December 2021}}</ref> As part of the contract, MP Materials also agreed to provide alloy and finished magnets to GM for its electric vehicles<ref>{{cite news |last1=Stankiewicz |first1=Kevin |title=MP Materials CEO says GM partnership key to building EV supply chain in U.S. |url=https://www.cnbc.com/2021/12/09/mp-materials-ceo-says-gm-partnership-key-to-building-ev-supply-chain-in-us.html |access-date=26 January 2022 |work=CNBC |date=9 December 2021}}</ref> and to open a new factory located in [[Fort Worth]], [[Texas]] to produce the magnets.<ref>{{cite news |title=GM reaches supply deals for electric vehicle motor magnets |url=https://apnews.com/article/technology-business-texas-electric-vehicles-fort-worth-ae7cf30f64dac62df74f2a5f5a876f63 |access-date=26 January 2022 |work=AP |date=9 December 2021}}</ref>
As of December 2021, JHL Capital Group, QVT Financial, and CEO James Litinsky were the company's three largest shareholders, and about 7.7% of the company was owned by Shenghe Resources
MP Materials and Australia's [[Lynas]] held a confidential discussion regarding a potential merger which fell through on February 5, 2024.<ref>{{Cite web |last=Kalinic |first=Stjepan |title=MP Materials, Lynas Rare Earths Merger Falls Through - Lynas Rare Earths (OTC:LYSCF), MP Materials (NYSE:MP) |url=https://www.benzinga.com/m-a/24/02/36962553/mp-materials-lynas-rare-earths-merger-falls-through |access-date=2024-06-18 |website=Benzinga |language=English}}</ref> Lynas is the second largest rare earth material company outside of China.
As of 2024, CEO James Litinsky was the company's largest shareholder.<ref name="CNBC2">{{cite web |title=MP Materials Corp |url=https://www.cnbc.com/quotes/MP?tab=ownership |access-date=21 May 2024 |website=CNBC}}</ref> Other large shareholders include Vanguard, Shenghe Resources, BlackRock and Hancock Prospecting.<ref name="CNBC2" />
In April 2024, Australian mining magnate Gina Rinehart disclosed a 5.82% stake in Lynas Rare Earths and a 5.3% stake in MP Materials. She currently holds 8.8 million shares.<ref>{{Cite web |title=Australian magnate Rinehart takes stake in US miner MP Materials |url=https://www.reuters.com/markets/deals/australian-billionaire-rineharts-firm-takes-stake-us-miner-mp-materials-2024-04-09/}}</ref>▼
▲In April 2024, [[Hancock Prospecting]], an Australian mining
===Mountain Pass mine===
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MP Materials produced 28,000 tonnes of rare-earth oxide equivalent from Mountain Pass in 2019, and 38,500 tonnes in 2020, or more than 15% of global production.<ref name=foxb /> As of late 2020, Shenghe Resources was the sole purchaser of MP Material's rare earth concentrate.<ref>{{Cite news|last=Hui|first=Mary|date=February 19, 2021|title=A Chinese rare earths giant is building international alliances worldwide|work=[[Quartz (publication)|Quartz]]|url=https://qz.com/1971108/chinese-rare-earths-giant-shenghe-is-building-global-alliances/|access-date=July 13, 2021}}</ref><ref>{{cite web |title=MP Materials Corp Form S-1 Registration Statement |url=https://www.sec.gov/Archives/edgar/data/1801368/000119312520313937/d48477ds1.htm |website=Security and Exchange Commission |access-date=12 August 2021 |page=9 |date=9 December 2020}}</ref>
As of 2023, MP Materials
* Stage I:
* Stage II:
* Stage III:
As of 2023, stages II and III were underway and the company had begun production of refined rare earths. <ref>{{Cite web |title=MP Materials Reports First Quarter 2024 Results |url=https://www.businesswire.com/news/home/20240502887432/en/MP-Materials-Reports-First-Quarter-2024-Results}}</ref><ref>{{Cite web |title=MP Materials profit beats, starts some rare earths refining |url=https://www.reuters.com/markets/commodities/mp-materials-profit-beats-starts-some-rare-earths-refining-2023-08-03/}}</ref> MP Materials signed a supply chain agreement with Japanese trading house [[Sumitomo Corporation]] in 2023.<ref name="Nikkei2023">{{cite news |last1=Nikkei Staff Writers |date=21 February 2023 |title=Sumitomo to bypass China in EV rare-earth supply chains |url=https://asia.nikkei.com/Business/Materials/Sumitomo-to-bypass-China-in-EV-rare-earth-supply-chains |archive-url=https://web.archive.org/web/20240131114706/https://asia.nikkei.com/Business/Materials/Sumitomo-to-bypass-China-in-EV-rare-earth-supply-chains |archive-date=31 January 2024 |access-date=26 April 2024 |publisher=Nikkei Asia}}</ref>
==U.S. government contracts==
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In February 2022, U.S. President [[Joe Biden]] announced at a press conference that the [[United States Department of Defense]] was investing $35 million into MP Materials as part of an effort to spur domestic rare earth production in the United States.<ref>{{cite news |last1=Scheyder |first1=Ernest |last2=Holland |first2=Steve |title=Biden voices support for new U.S. mines, if they don't repeat past sins |url=https://www.reuters.com/business/energy/biden-set-tout-us-progress-critical-minerals-production-2022-02-22/ |access-date=1 March 2022 |work=Reuters |date=22 February 2022}}</ref><ref name=AP22>{{cite news |last1=Ronayne |first1=Kathleen |title=Biden wants to cut into China's electric battery dominance |url=https://apnews.com/article/joe-biden-technology-business-nevada-environment-and-nature-630a11b14d738335d9d336bc9b51be8e |access-date=23 February 2022 |work=AP |date=22 February 2022}}</ref> Biden said that this move was designed to reduce America's reliance on rare earth minerals imported from other countries.<ref>{{cite news |last1=Gangitano |first1=Alex |title=Biden says mineral supply chain actions will help end foreign reliance |url=https://thehill.com/homenews/administration/595380-biden-says-mineral-supply-chain-push-will-end-dependence-on-china-for |access-date=23 February 2022 |work=The Hill |date=22 February 2022}}</ref><ref>{{cite news |last1=Coppola |first1=Gabrielle |title=Biden Bets on U.S. Battery Independence |url=https://www.bloomberg.com/news/articles/2022-02-26/biden-bets-on-u-s-battery-independence |access-date=1 March 2022 |work=Bloomberg |date=26 February 2022}}</ref> The Biden administration said the federal funding is earmarked to assist the company to develop a new commercial facility for “heavy” rare earth mineral processing.<ref name=AP22 />
On May 24, 2024, the [[Presidency of Joe Biden|Biden Administration]] announced a 25
== See also ==
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== External links ==
*{{Official website
{{Finance links
| name = MP Materials Corp.
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| google = MP:NYSE
}}
[[Category:Companies listed on the New York Stock Exchange]]
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[[Category:Special-purpose acquisition companies]]
[[Category:2020 mergers and acquisitions]]
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