MP Materials reports a 20% increase in revenue for the third quarter to $62 million compared to the same period last year. The U.S. company specializing in mining and processing rare earth elements attributes this revenue jump primarily to higher production volumes and stronger sales. The company sold 9,729 tons of material in the third quarter. However, increased production costs, as well as expenses related to expanding operations, such as the construction of a magnet factory in Fort Worth, Texas, ultimately led to a loss. Nevertheless, this loss was smaller than analysts had expected, according to Reuters. The company also slightly improved compared to the third quarter of 2023.
Like the Australian company Lynas, another key player in the rare earth industry outside of China, MP, the operator of the Mountain Pass mine in California, emphasized in its quarterly report the currently low price levels for raw materials.
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