MP Materials Posts Quarterly Loss and Yet Makes Progress

by | 23. Feb 2024 - 08:55 | Economy

Operator of North America’s most important rare earth mine reports figures.

The beacon of hope for the rare earth industry in the U.S., MP Materials, has presented results for the fourth quarter and full year 2023. The Las Vegas-based company ended the past quarter with a loss of USD 16.3 million. A profit of 67 million was generated in the same period of the previous year. MP Materials explains the development with the current low price level for rare earths. CEO James Litinsky, meanwhile, reported positive news from Fort Worth, Texas, where the construction of a factory for alloys and magnets made from rare earths is making progress. Initial tests have been successful. This plant could bring a significant part of the value chain for critical materials back to the U.S. In the conference call on the financial results, Litinsky also announced that possible acquisitions would be examined, but he would not comment on speculation about a merger with the Australian Lynas Group.

Photo: iStock/jasonbennee

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