MP Materials Ramps Up NdPr Production in Q1 Amid Magnetics Push

MP Materials

Record neodymium-praseodymium output reflects U.S. rare earth momentum

MP Materials NdPr production ramp-up in the first quarter of 2025 underscores the company’s role in reshoring rare earths for the U.S. market. MP achieved record neodymium-praseodymium (NdPr) oxide output of 563 metric tons, driven by continued process optimization at its Mountain Pass facility in California.

Sales volume grows, magnetics business gains traction

MP sold 464 tonnes of NdPr oxide in Q1 at an average price of $52/kg, based on lagged market pricing. Overall rare earth oxide (REO) production totaled 12,213 tonnes, with 6,264 tonnes sold at $4,808/tonne. The company also halted REO concentrate shipments to China, favoring domestic stockpiling to support its downstream expansion. Revenue rose 25% year-on-year to $60.8 million, including $5.2 million from its growing magnetics division.

Magnet strategy aligned with GM partnership, despite near-term loss

MP began magnet validation with General Motors and anticipates launching commercial magnet production by year-end. These efforts support U.S. supply chain resilience for electric vehicles and defense applications. Despite the operational momentum, MP posted a $22.6 million net loss for the quarter, compared to a $16.5 million profit a year ago—reflecting high investment in downstream integration.

The Metalnomist Commentary

MP’s NdPr production surge and magnetics progress reinforce its central role in U.S. rare earth independence. While short-term losses reflect heavy reinvestment, the long-term strategy positions MP as a cornerstone of the Western rare earths-to-magnets value chain.