MP Materials Corp.

MP Materials Corp. operates the Mountain Pass Mine, a rare earth element mining and processing facility located in San Bernardino County, California, approximately 15 miles southwest of the California-Nevada border. The company is engaged in the extraction, concentration, and separation of rare earth oxides from bastnaesite ore, producing specialized products for industrial and technological applications.

The Mountain Pass Mine represents the only identified rare earth deposit within the historic Clark Mining District established in 1865. The operation functions as an integrated mining and processing complex that extracts ore from an open pit, processes it through crushing and flotation concentration, and separates the resulting concentrate into individual rare earth products. The company currently produces four primary saleable rare earth products: praseodymium and neodymium oxide, samarium-europium-gadolinium precipitate, lanthanum carbonate, and cerium chloride. These products serve downstream manufacturers in permanent magnet, catalytic, and specialty chemical applications.

The mineral deposit at Mountain Pass is a rare-earth-element-enriched carbonatite formation containing bastnaesite as the primary economic mineral. As of September 30, 2025, the operation maintains proven and probable mineral reserves of approximately 29.21 million short tons with an average grade of 5.90 percent total rare earth oxide. The life-of-mine plan extends approximately 28 years, with active mining scheduled through 2047 and processing of stockpiled material continuing through 2053.

MP Materials operates through wholly owned subsidiaries including MP Mine Operations, which holds surface rights and operates the mining facilities, and Secure Natural Resource, which holds mineral rights. The company's business model emphasizes vertical integration, combining mining operations with on-site separation and refining capabilities to capture value across the rare earth supply chain. The flotation concentrator processes approximately 2,000 metric tonnes of ore daily, while the separations facility undergoes ramp-up to full production capacity. The operation employs conventional open-pit mining methods and maintains infrastructure including waste rock storage facilities, tailings management areas, and processing plants on the Mountain Pass property.