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MP Materials

MP Materials Corp.
Company typePublic company
Industry
Founded2017 (2017)
Founders
  • James Litinsky
  • Michael Rosenthal
HeadquartersLas Vegas, Nevada, U.S.
Area served
Worldwide
Key people
James Litinsky
(Executive Chairman & CEO)
Michael Rosenthal
(COO)
ProductsRare earth concentrates,[1] metals,[2] and neodymium magnets[3]
Production output
38,500 tonnes[4] (2020)
OwnerJHL Capital Group, QVT Financial LP, James Litinsky, Shenghe Resources[5]
Number of employees
681[6] (2024[7])
Websitempmaterials.com
Footnotes / references
[8][9]
Mountain Pass Mine, California

MP Materials Corp. is an American 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.[10] 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.[11] 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 vehicles, robotics, wind turbines, drones and other advanced motion technologies.[12] 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 rare earth business located in Sichuan.[13]

  1. ^ Khan, Yusuf (April 25, 2023). "The U.S. Wants a Rare-Earths Supply Chain. Here's Why It Won't Come Easily". The Wall Street Journal. Archived from the original on April 14, 2024. Retrieved April 14, 2024.
  2. ^ Seligman, Lara (December 14, 2022). "China Dominates the Rare Earths Market. This U.S. Mine Is Trying to Change That". Politico. Archived from the original on December 14, 2022. Retrieved May 10, 2024.
  3. ^ Cardona, Megan (December 10, 2021). "MP Materials magnet manufacturing facility to bring over 100 jobs to North Texas". Fort Worth Star-Telegram. Retrieved May 21, 2024.
  4. ^ Zhou, Jackie (May 9, 2021). "US seeks to challenge China on rare-earth elements, key ingredients in Biden's energy plan". Fox Business. Retrieved July 12, 2021.
  5. ^ "Could The MP Materials Corp. (NYSE:MP) Ownership Structure Tell Us Something Useful?". Simply Wall Street. Retrieved August 20, 2021.
  6. ^ "MP Materials Corp". Yahoo! Finance. Retrieved May 21, 2024.
  7. ^ Burke, Taylor (January 15, 2024). "Cortez Masto looking to strengthen domestic green energy, rare-earth elements supply chain dominated by China". KOLO 8 (ABC). Archived from the original on April 14, 2024. Retrieved April 14, 2024.
  8. ^ "MP Materials Corp 2020 Form 8-K Quarterly Report". U.S. Securities and Exchange Commission. Archived from the original on November 23, 2020. Retrieved January 31, 2021.
  9. ^ "MP Materials Corp 2020 Q3 Summary" (Press release). U.S. Securities and Exchange Commission. Archived from the original on February 4, 2021. Retrieved January 31, 2021.
  10. ^ "The Californian Rare Earths Mine Caught Between Trump and China". Bloomberg News. September 27, 2018. Archived from the original on February 4, 2021. Retrieved January 31, 2021.
  11. ^ Treadgold, Tim. "Rinehart's New Attack On China's Rare Earth Dominance". Forbes. Retrieved June 18, 2024.
  12. ^ "MP Materials CEO says rare magnets supplier is a 'picks-and-shovels play' for EV market". CNBC. December 16, 2020. Archived from the original on February 6, 2021. Retrieved January 31, 2021.
  13. ^ "MP MATERIALS CORP. (MP)". MarketScreener. Retrieved July 18, 2022.

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