Copper News Hubb
Advertisement Banner
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Mining

MP Materials profit more than doubles on higher rare earths prices

admin by admin
August 6, 2022
in Mining


Rare earths miner MP Materials reported a better-than-expected quarterly profit on Thursday due to rising demand and prices for the materials used to make electric vehicles and a range of consumer goods.

The Las Vegas-based company posted second-quarter net income of $73.3-million, or 38c a share, compared to $27.2-million, or 15c a  share, in the year-ago quarter.

Excluding stock-based compensation expenses and other one-time items, MP earned 43c a share. By that measure, analysts expected earnings of 33 cents per share, according to IBES data from Refinitiv.

Rare earths are a grouping of 17 metals used to make magnets found in motors that turn electricity into motion. China is the world’s largest producer and consumer of rare earths and rare earth magnets.

MP processes rock that it extracts from its Mountain Pass mine in California into rare earth oxides. The company produced 10 300 t of those oxides during the quarter, nearly even to the year-ago period.

Those oxides are sent to China where they are further processed into neodymium and other rare earth metals, which are used to make magnets for a range of electronics. There are no US-based options for this final round of rare earths processing.

The price MP received per tonne for its oxides rose more than 90% to $13 918/t amid rising demand, especially from the EV industry.

The company said it hopes to be able to process its own metals in California by the end of the year and that a facility under construction in Texas to build rare earth magnets for General Motors “is rapidly taking shape”.

Shares rose slightly to $35.36 in after-hours trading.



Source link

Previous Post

Rio Tinto not concerned about Chinese ore-buying company -executive

Next Post

Core appoints CEO

Next Post

Core appoints CEO

Recommended

Sylvania dump operations increased output by 19% in the fourth quarter

2 weeks ago

Amplats concludes R3.5bn sale of Bokoni to ARM

2 days ago

Copper Fox Provides Update on Eaglehead Copper Project

2 weeks ago

Dreadnought targets A$12m raise

2 weeks ago

Australian coal output to remain flat, mainly due to scheduled closures

3 weeks ago

Evolution shareholders could benefit from hydro plans

2 weeks ago

© 2022 Copper News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy.

Navigate Site

  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

© 2022 Copper News Hubb All rights reserved.