The company benefited from rising demand for rare earths. Establishment of an independent value chain for the strategic raw materials remains a central task.
MP Materials, operator of the Mountain Pass mine in California and the largest producer of rare earths in the Western Hemisphere, presented third quarter figures on Friday night. With an increase in the amount of rare earth oxide sold coupled with higher selling prices, revenues grew 143 percent year-over-year to $99.8 million (€86.46 million), according to the press release.
The company attributes the higher selling prices achieved to stronger demand for rare earths. As a result, market prices rose accordingly. MP Materials also improved its production volume, which grew significantly by 18 percent.
This quarter, MP Materials Chairman and CEO James H. Litinsky commented that the company continued to make progress towards its goal of restoring the entire rare earth value chain in the United States.