BUZZ-Rare earth miner MP Materials gains after swinging to Q4 profit** Shares of rare earth miner MP Materials MP.N rise 1% to $60.70 premarket
** In results posted late on Thursday, co swung to profit in Q4, exceeding analysts' expectations, driven by price support agreement with the U.S. government and sales of magnetic material
** MP posted net income of $9.4 million, or 5 cents per share, compared with a net loss of $22.3 million, or 14 cents per share, in the year-ago period
** Co will also build a second magnet facility as part of its agreement with the U.S. Department of Defense to manufacture 10,000 metric tons of magnets annually
** MP up 18.76% YTD
(Reporting by Dharna Bafna in Bengaluru)
((Dharna.bafna@thomsonreuters.com))
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