MP Materials Accelerates Strategy to Reindustrialize the Rare Earth Supply Chain

April 17, 2025 at 12:54 PM EDT

In response to China’s retaliatory tariffs and export controls, MP Materials (NYSE: MP) has ceased shipments of rare earth concentrate to China. Selling our valuable critical materials under 125% tariffs is neither commercially rational nor aligned with America’s national interest.

We have been preparing for this moment since day one. Our mission, capital strategy, and execution reflect a long-term vision built to withstand short-term dislocation and emerge stronger.

MP has invested nearly $1 billion to restore the full rare earth supply chain in the United States. Today, our California refinery is processing nearly half of our production, with virtually all of that material sold into markets outside China—including Japan, South Korea, and the United States.

We continue to produce and are stockpiling concentrate while accelerating downstream operations: ramping oxide production, fast-tracking heavy rare earth separation, and bringing magnet production online in Texas.

In recent days, manufacturers across critical industries have urgently reached out in search of a secure, resilient source of materials and magnets. We are uniquely positioned to answer that call. We are also in close contact with federal leaders and encouraged by their determination to support American industry—now and in the long term.

Together with our customers and U.S. government partners, we are accelerating every phase of our strategy to reindustrialize the rare earth supply chain—on American soil. MP is proud to lead this effort for our partners, our country, and the future.

About MP Materials

MP Materials (NYSE: MP) produces specialty materials that are vital inputs for electrification and other advanced technologies. MP’s Mountain Pass facility is America’s only scaled rare earth production source. The company is currently expanding its manufacturing operations downstream to provide a full supply chain solution from materials to magnetics. More information is available at https://mpmaterials.com/.

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Forward-Looking Statements

This press release contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “will,” “target,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are subject to a number of risks and uncertainties, including risks related to changes in trade policy in the United States, China or other countries, including the implementation of new tariffs, and the impact on the Company’s business and results of operations as a result of these changes in trade policy; risks related to the Company’s ability to sell concentrate in Japan, South Korea, the United States and other markets outside of China; risks related to the timing and achievement of expected business milestones, and those risk factors discussed in the Company’s filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed by the Company with the Securities and Exchange Commission.

If any of these risks materialize or the assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The Company does not intend to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.