Government-backed MP Materials surges as loss narrows on record rare earth oxide production
On Friday, June 7, 2019, a damper truck is moving in California, Mountain Pass, and raw ore in the pit in the Mounta Pass material operated in the USA.
Joe Buglewicz | Bloomberg | Getty Images
Deputy‘The miner increased the hopes that a significant rare land oxide in the second quarter has narrowed the losses in record production on Friday after narrowing the losses on Friday to the profitability of the company’s defense department.
MP shares were more than 6% in the morning operations.
The MP received a decrease of 24% compared to $ 28 million or 17 cents per share in the same period, or a 13 -cents fixed damage per share. Their sales increased by 84% to $ 57.4 million in the second quarter of 2024 compared to $ 31.3 million.
The miner produced the amount of registration Neodimum-Praseodymium (NDPR) oxide quarter. NDPR is the main raw material in permanent magnets used in electric vehicle motors, robotics and electronics. MP produced 597 metric tons NDPR in the second quarter.
MP is currently in the process of increasing the production of magnets in the independence facility in Texas. The facility will supply magnets to General Motors for electric vehicles as well as other manufacturers.
“The next step is to transfer this ability from trial production to scaling from trial production,” CEO James Linsky calls for a profit on Thursday evening. He said. “The activation is accelerating in the factory. Momentum is formed later on the production of commercial magnets later this year.”
The second quarter results of MP come after the company’s two -transformative agreements last month.
The Ministry of Defense agreed to buy $ 400 million of the company’s preferred share and made the biggest shareholder of the Federal Government MP. The Pentagon also set a price base for NDPR and agreed to purchase 100% of the receipt from a new magnet facility built by the deputy.
Days later, MP announced that Apple would invest $ 500 million in its production with the purchase of rare Earth magnets and will help to launch a rare world recycling facility.
