MP Materials: Difference between revisions

| type = [[Public company|Public]]

| traded_as = {{ubl|{{NYSE|MP}}|[[List of S&P 400 companies|S&P 400600]] component}}

| locationhq_location = {{nowrap|[[Las Vegas, Nevada]], U.S.}}

| num_employees_year = 20212024<ref name=lvrj"KOLOJan2024">{{cite news |last1=HudsonBurke |first1=SabrinaTaylor |title=MineCortez nearMasto Laslooking Vegasto producesstrengthen muchdomestic ofgreen world'senergy, rare -earth materialselements supply chain dominated by China |url=https://www.reviewjournalkolotv.com/local2024/local-nevada01/16/minecortez-nearmasto-laslooking-vegasstrengthen-producesdomestic-muchgreen-of-worldsenergy-rare-earth-materialselements-2366832supply-chain-dominated-by-china/ |access-date=1214 July 2021April 2024|workpublisher=LasKOLO Vegas8 Review Journal(ABC) |date=2915 MayJanuary 2024 2021}}</ref>

| website = {{Official URL|mpmaterials.com}}

[[File:Mountain Pass Mine, California (ASTER).jpg|thumb|'''Mountain Pass Minemine, California'''aerial view]]

'''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 rarecompany earthpartly businessowned locatedby inthe Sichuancountry's [[Ministry of Natural Resources (China)|Ministry of Natural Resources]].<ref>{{Cite namenews |last="MPBradsher MATERIALS|first=Keith CORP.|author-link=Keith MP">{{citeBradsher |date=October 26, web2024 |title=MPChina MATERIALSTightens CORP.Its (MP)Hold on Minerals Needed to Make Computer Chips |url=https://www.marketscreenernytimes.com/quote2024/stock10/MP26/business/china-MATERIALScritical-CORPminerals-108730348/company/ |website=MarketScreenersemiconductors.html |access-date=18October 28, 2024 |work=[[The New JulyYork 2022Times]]}}</ref>

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, a Sichuan China rare earth company,Resources held a minority, non-voting interest.<ref>{{cite news |last1=Topf |first1=Andrew |title=Mountain Pass sells for $20.5 million |url=https://www.mining.com/mountain-pass-sells-20-5-million/ |access-date=13 July 2021 |work=Mining.com |date=16 June 2017}}</ref> At the time, Mountain Pass was in a state of "care and maintenance" and had only eight employees according to Litinsky.<ref>{{cite news |title=James Litinsky CEO of MP Materials on the Company's NYSE Debut |work=TD Ameritrade Network |date=November 18, 2020 |url=https://tdameritradenetwork.com/video/rB4AoXXbHJyBdd0nJa0Abg}}</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, a Chinese company.<ref name="MP MATERIALS CORP. MP">{{cite web |title=MP MATERIALS CORP. (MP) |url=https://www.marketscreener.com/quote/stock/MP-MATERIALS-CORP-108730348/company/ |access-date=18 July 2022 |website=MarketScreener}}</ref><ref name=screener>{{cite news|title=MP Materials Corp. (MP)|work=Market Screener|publisher=Surperperformance|location=Annecy, France|url=https://www.marketscreener.com/quote/stock/MP-MATERIALS-CORP-108730348/company/|access-date=28 February 2021}}</ref><ref>{{Cite news|last=Xie|first=John|date=December 31, 2020|title=California Mine Becomes Key Part of Push to Revive US Rare Earths Processing|work=[[Voice of America]]|url=https://www.voanews.com/usa/california-mine-becomes-key-part-push-revive-us-rare-earths-processing|url-status=live|access-date=December 31, 2020|archive-url=https://web.archive.org/web/20201231184831/https://www.voanews.com/usa/california-mine-becomes-key-part-push-revive-us-rare-earths-processing|archive-date=December 31, 2020}}</ref><ref>{{Cite news|last=Hui|first=Mary|date=February 5, 2021|title=The US is taking steps towards breaking China's rare earths monopoly|work=[[Quartz (publication)|Quartz]]|url=https://qz.com/1969069/the-us-takes-steps-to-break-chinas-rare-earths-monopoly/|url-status=live|access-date=February 13, 2021|archive-url=https://web.archive.org/web/20210210112141/https://qz.com/1969069/the-us-takes-steps-to-break-chinas-rare-earths-monopoly/|archive-date=February 10, 2021}}</ref><ref>{{Cite web|last=|first=|date=|title=Shenghe Resources Holding Co. Ltd: Shareholders Board Members Managers and Company Profile|url=https://www.marketscreener.com/quote/stock/SHENGHE-RESOURCES-HOLDING-9949770/company/|archive-url=|archive-date=|access-date=2021-02-14|website=MarketScreener|language=en}}</ref> Apart from institutions, other investors own 18%.<ref name=screener/>

As of 2023, MP Materials hashad a three-phasestage plan for producing and scaling its operations:<ref>{{Cite web |titledate=mp2023-2022123101-11 |title=Rare earth mining may be key to our renewable energy future. But at what cost? |url=https://www.secsciencenews.govorg/Archivesarticle/edgar/data/1801368/000180136823000009/mprare-20221231.htmearth-mining-renewable-energy-future |access-date=2024-0609-1815 |websitelanguage=www.sec.goven-US}}</ref>

* Stage I: MiningProduction and crushingof rare earthsearth concentrate

* Stage II: MillingProduction of separated and flotationrefined rare earths

* Stage III: RoastingProduction of rare earth metals, leachingalloys, and cleansingpermanent magnets

On May 24, 2024, the [[Presidency of Joe Biden|Biden Administration]] announced a 25% percent tariff on rare earth magnets from China, set to take effect in 2026. This marks the first time that critical minerals, including rare earth magnets, have been specifically included in the tariffs.<ref>{{Cite web |last=Su |first=Annie |date=2024-05-15 |title=US to impose 25% import tariffs on Chinese rare earth magnets in 2026 |url=https://www.fastmarkets.com/insights/us-to-impose-25-import-tariffs-on-chinese-rare-earth-magnets/ |access-date=2024-06-18 |website=Fastmarkets |language=en-US}}</ref> Following the tariffs MP Materials put out a statement listing the tariffs. After the announcement, CEO James Litinsky attended an event with Biden at the White House.<ref>{{Cite web |last=Hendrich |first=Brian |date=2024-05-15 |title=MP Materials, Australia, China: Reaction to the New U.S. Import Tariffs - rawmaterials.net |url=https://rawmaterials.net/mp-materials-australia-china-reaction-to-the-new-u-s-import-tariffs/ |access-date=2024-06-18 |language=en-US}}</ref>

*{{Official website|https://mpmaterials.com}}