By Chris Wack
MP Materials said it has ceased shipments of rare-earth concentrate to China.
Its stock was down 7%, to $25.59, although it is still up 52% in the past 12 months.
The Las Vegas company, which produces specialty materials, said Thursday that selling its critical materials under 125% tariffs is "neither commercially rational nor aligned with America's national interest."
MP Materials said it has been prepared for such a scenario, and has invested nearly $1 billion to restore the full rare-earth supply chain in the U.S.
The company said its California refinery is processing nearly half of its production, with virtually all of that material sold into markets outside China, including Japan, South Korea, and the U.S.
MP Materials said it will continue to produce and stockpile concentrate while speeding up downstream operations, including ramping up oxide production, fast-tracking heavy rare-earth separation, and bringing magnet-production online in Texas.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
April 17, 2025 13:15 ET (17:15 GMT)
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