Rare earths power the modern economy. They are essential components in a wide range of industrial, clean energy and information technology applications.
Mountain Pass’s bastnaesite ore is one of the world’s highest quality rare earth deposits with a greater than 8% average grade. The mine started production in 1952, and was a dominant source of rare earth minerals in the world into the 1990s. More recently, Chinese rare earth production has grown to account for more than 80% of the global supply, and rare earth mining and processing stopped in the United States.
Affiliates of two U.S. investment advisors, JHL Capital Group LLC and QVT Financial LP, acquired Mountain Pass in July of 2017 with the goal of reviving America’s rare earth industry. Leshan Shenghe Rare Earth Co. Ltd., a Shanghai-listed rare earth operator, has served as a technical advisor on Mountain Pass’s relaunch and holds a non-voting minority interest in the company.
MP Materials has re-emerged as a best-in-class, globally competitive rare earths producer. Today, we produce approximately 15% of the global supply of rare earths, currently in the form of an intermediate product—rare earth concentrate—that requires further processing in Asia. Following an ongoing modernization program to be completed by year-end 2020, MP Materials will relaunch its onsite processing facilities, forming the basis for a renewed, self-sufficient U.S. rare earth industry.