Why Biden's 'Made in America' promise rings hollow: CEO
MP Materials went public last year. Anyone can buy the stock listed on the NYSE as: MP. The Nuclear Regulatory Commission previously raised questions to MP Materials about its ownership by the partially Chinese state-owned Shenghe Resources Holding Co., according to emails obtained by FOX Business. After those questions were answered, the NRC approved mining licenses to be transferred to what is now the publicly-held MP Materials.
Previously, MP Materials had an exclusive agreement with Shenghe that allowed the Chinese mining giant to export to China all rare earth materials mined at MP Materials’ U.S. facilities for processing. MP Materials company executives say Shenghe essentially acted as a broker for the company to process materials and distribute the finished product around the world. SEC documents show MP Material’s rare earth concentrate accounted for about 15% of the global market.
At this moment, almost all the world’s processing of rare earth materials takes place in China. A company spokesperson tells FOX Business that MP Materials plans to start its own processing of light rare earth concentrate at the end of this year, which removes the need to export it to China. The company spokesperson says they will sell the processed product on the open market with not only a domestic focus, but also a focus on buyers in Japan and South Korea.
That will start once MP Materials’ Mountain Pass, California, processing center opens. However, the separated material will still need to be exported to China for refining until MP Materials’ new Fort Worth, Texas, magnets facility comes online the following year. That’s expected to start producing rare earth alloy and magnets sometime in 2023 and will be used by General Motors.
An Administration Official tells FOX Business that MP Materials was fully vetted before giving taxpayer money. That Official added, "It is well-known that China dominates the rare earth supply chain and market, from mining to value-added manufacturing of magnets. Breaking this cycle will require consistent and long-term engagement with the private sector to build a domestic industrial ecosystem surrounding rare earth mining and manufacturing.
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