The US company reports record sales and profit figures.
MP Materials, the most important producer of rare earths in the Western Hemisphere, reported figures for the first quarter of 2022 on Thursday after the stock market closed. Revenue rose 177 percent year over year, while net income rose as much as 413 percent to now $86 million.
Strong demand for rare earths is leading to significantly higher market prices, which MP Materials, operator of the Mountain Pass mine in California, was able to benefit from. The company’s own cost discipline also contributed to the record result, according to CEO James H. Litinsky.
The CEO believes the company is well on its way to achieving its goal of restoring the entire rare earth supply chain in the United States. This includes, among other things, the construction of a rare earth magnet plant in Texas (we reported).