BUZZ-MP Materials rises on starting rare earth magnet production in US
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MP Materials Corp's shares rose approximately 3% to $21.48 after announcing the start of commercial production of rare earth metals at its Texas facility. The company has begun trial production of high-grade magnets for vehicles and drones, with plans to produce around 1,000 metric tons annually by late 2025. The facility, named Independence, will supply magnets to General Motors and other manufacturers. Last year, MP Materials received $58.5 million from the U.S. government for construction. Analysts have a median price target of $24 for the stock, which has seen a 21% decline in 2024.
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