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MP Materials (NYSE: MP), the operator of one of the only rare earth metal mines in the U.S., has experienced a stock price surge of approximately 237% this year, driven by government contracts and strategic partnerships. The company is also backed by the Pentagon, which invested around $400 million to become its largest shareholder in July 2023, securing a minimum price of $110 per kilogram for neodymium-praseodymium (NdPr), key to its future revenue.
MP Materials’ Mountain Pass mine in California produces over 10% of the world’s rare earth supply and is taking steps to expand production through a $500 million partnership with Apple, aimed at supplying 100% U.S.-made magnets for Apple devices by 2027. Additionally, in November 2023, MP announced a collaboration with the Saudi Arabian Mining Company to construct a rare earth refinery in Saudi Arabia, marking a significant expansion and enhancing ties with key global partners.
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