History
In 2015, Molycorp, the previous owners of the Mountain Pass mine, filed for bankruptcy. At the time, it was the only U.S. producer of rare earth elements.[13] While in bankruptcy, Secure Natural Resources (SNR), a company owned by Molycorp's creditors, including JHL Capital Group, gained control of the mine's mineral rights.[14] In June 2017, the Mountain Pass mine was purchased at auction for $20.5 million by a new entity called MP Mine Operations LLC (MPMO).[15] MPMO was a consortium formed principally by JHL Capital Group, a Chicago-based investment firm led by James Litinsky, along with QVT Financial LP and Shenghe Resources.[16] Shenghe Resources held a minority, non-voting interest.[17] At the time, Mountain Pass was in a state of "care and maintenance" and had only eight employees according to Litinsky.[18]
Following the asset acquisitions and formation of the entities that became MP Materials, the company restarted operations at Mountain Pass. On July 15, 2020, the company announced a reverse takeover whereby MPMO and SNR would be merged with Fortress Value Acquisition Corporation to become a public company under the name MP Materials Corp. The transaction, which closed on November 17, 2020, raised $545 million.[19] On November 18, 2020, MP Materials began trading on the New York Stock Exchange under the symbol "MP".
In December 2021, MP Materials signed a long-term agreement with General Motors to provide neodymium-iron-boron magnets for use in GM's electric vehicle motors.[20] As part of the contract, MP Materials also agreed to provide alloy and finished magnets to GM for its electric vehicles[21] and to open a new factory located in Fort Worth, Texas to produce the magnets.[22]
As of December 2021, JHL Capital Group, QVT Financial, and CEO James Litinsky were the company's three largest shareholders, and about 7.7% of the company was owned by Shenghe Resources.[23][24][25][26][27] Apart from institutions, other investors own 18%.[24]
As of 2024, CEO James Litinsky was the company's largest shareholder.[28] Other large shareholders include Vanguard, Shenghe Resources, BlackRock and Hancock Prospecting.[28]
In April 2024, Hancock Prospecting, an Australian mining firm owned by Gina Rinehart, disclosed a 5.3% stake in MP Materials, comprising 8.8 million shares, and a 5.8% stake in Lynas.[29][30]
In January 2025, MP Materials announced that their Independence facility in Fort Worth, Texas has commenced neodymium and praseodymium (NdPr) metal production. According to the company, NdFeB magnets will be the first rare earth products to be refined in the United States which has long depended on foreign sources, particularly China.[31]
In April 2025, Shenghe Resources stated that its U.S. affiliate, MP Materials, had stopped shipping minerals for processing due to the tariffs in the second Trump administration.[32]
In May 2025, the Saudi Arabian Mining Company (Ma’aden) and MP Materials entered into an agreement to establish a rare earth supply chain within Saudi Arabia.[33] The development took place during President Trump’s visit to the Middle East.[34]
On July 15, 2025, Apple announced a $500 million investment in MP Materials, following the Trump administration's efforts to reduce U.S. reliance on China for rare earth elements.[35][36] The announcement came a few days after the U.S. Department of Defense agreed to a multibillion-dollar investment to build a new rare earth magnet facility called the "10X Facility."[37]
Mountain Pass mine
Discovered in 1949 in San Bernardino County, California, Mountain Pass mine consists of a bastnäsite ore-body with significant concentrations of rare earth elements.[38] The mine once supplied most of the world's rare earth elements.[39] Mountain Pass is the only operational rare earth mining and processing facility in the United States.[10] The expected Mountain Pass mine life is approximately 24 years.[40] MP Materials produced 28,000 tonnes of rare-earth oxide equivalent from Mountain Pass in 2019, and 38,500 tonnes in 2020, or more than 15% of global production.[4] As of late 2020, Shenghe Resources was the sole purchaser of MP Material's rare earth concentrate.[41]
