MP Materials Reports Quarterly Profit Due To Rise In Rare Earth Prices

Aug. 5 (Reuters) – U.S. rare earth miner MP Materials Corp said Thursday it made quarterly profit due to rising prices for minerals used to make high-end electronics and weapons.

The company, which relies on China to process rare earth oxides from its California mine, reported second-quarter profit of $ 27.2 million, or 15 cents per share, from a net loss of 62.5 million dollars, or 92 cents per share, during the year. – a quarter ago when it was a private company. (Report by Ernest Scheyder edited by Chris Reese)