BUZZ-MP Materials rises on starting rare earth magnet production in US
MP Materials Corp's shares rose approximately 3% to $21.48 after announcing the start of commercial production of rare earth metals at its Texas facility. The company has begun trial production of high-grade magnets for vehicles and drones, with plans to produce around 1,000 metric tons annually by late 2025. The facility, named Independence, will supply magnets to General Motors and other manufacturers. Last year, MP Materials received $58.5 million from the U.S. government for construction. Analysts have a median price target of $24 for the stock, which has seen a 21% decline in 2024.
Shares of miner MP Materials Corp (MP.N) rise ~3% to $21.48 premarket
Co says it has started commercial production of rare earth metal at its facility in Texas, and that it has begun trial production of high-grade magnets for use in vehicles, drones, and other applications
The facility will supply magnets to General Motors (GM.N) and other manufacturers
The facility, called Independence, will produce around 1,000 metric tons of finished magnets per year, with production ramping up in late 2025 - co
Last year, co was awarded $58.5 mln by the U.S. government to help with the construction of the facility
10 brokerages rate the stock “buy” or higher and 3 “hold”; their median PT is $24 - LSEG
Co fell ~21% in 2024
