Who owns the Mountain Pass rare earth mine?
MP Materials
MP Materials owns and operates Mountain Pass, the only Rare Earth mining and processing site in North America. 2020 MP Materials is publicly listed on the New York Stock Exchange. Production climbs to more than 38,500mt, an all-time high in the 60-year history of Mountain Pass.
Who owns the Mountain Pass mine?
MP Mine Operations LLC
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). 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.
Why did Mountain Pass mine close?
Since its 2002 closure as a result of environmental restrictions and competition from Chinese suppliers, there have been several attempts to revive the legendary Mountain Pass mine. In 2008, a privately held company called Molycorp Minerals was formed to reopen the site.
What do they mine at Mountain Pass?
Mountain Pass is one of the richest deposits of rare earth elements in the world. Today, MP Materials produces a concentrate that contains about 15% of the rare earth content consumed annually.
Does China own MP Materials?
Current ownership. MP Materials is 51.8%-owned by US hedge funds JHL Capital Group (and its CEO James Litinsky) and QVT Financial LP, while Shenghe Resources Holding Co. Ltd., a partially state-owned enterprise of the Government of China, holds an 8.0% stake. Apart from institutions, the public owns 18%.
Does the US mine rare earth metals?
Currently, US companies get the vast majority of their rare earth materials and magnets from China.” The Mountain Pass mine in California, controlled by MP Materials Corp, is the only active rare earths mine in the United States.
How many rare earth mines are in the United States?
one rare earths mine
The United States has only one rare earths mine and has no capability to process rare earth minerals. “Ending American dependence on China for rare earths extraction and processing is critical to building up the U.S. defense and technology sectors,” Cotton told Reuters.
Does America have rare earth metals?
The United States has only one rare earths mine and has no capability to process rare earth minerals. “Ending American dependence on China for rare earths extraction and processing is critical to building up the U.S. defense and technology sectors,” Cotton told Reuters.