A dump truck strikes uncooked ore contained in the pit on the Mountain Cross mine, operated by MP Supplies, in Mountain Cross, California, U.S., on Friday, June 7, 2019.
Joe Buglewicz | Bloomberg | Getty Photographs
MP Materials‘ inventory surged on Friday after the miner narrowed its losses within the second quarter on document manufacturing of a key uncommon earth oxide, elevating hopes amongst traders that the corporate is shifting towards profitability after an enormous funding by the Protection Division.
Shares of MP have been final up about 9% earlier than the market open.
MP booked an adjusted lack of $21.37 million, or 13 cents per share, down 24% in comparison with $28 million, or 17 cents per share, in the identical interval a yr in the past. Its gross sales jumped 84% to $57.4 million in comparison with $31.3 million in second quarter of 2024.
The miner produced a document quantity of neodymium-praseodymium (NdPr) oxide within the quarter. NdPr is the principle uncooked materials in everlasting magnets which can be utilized in electrical car motors, robotics and electronics. MP produced 597 metric tons of NdPr within the second quarter, a 119% enhance over final yr.
MP’s second quarter outcomes come after the corporate introduced two transformative offers final month.
The Protection Division agreed to buy $400 million of the corporate’s most well-liked inventory, making the federal authorities MP’s largest shareholder. The Pentagon additionally set a worth flooring for NdPr and agreed to purchase 100% of the offtake from a brand new magnet facility that MP will construct.
Days later, MP introduced that Apple will invest $500 million in its manufacturing by way of the acquisition of uncommon earth magnets and can assist launch a uncommon earth recycling facility.
This can be a growing story. please test again for updates.