MP Materials Corp. saw its shares rise significantly in premarket trading due to a recent $400 million purchase agreement with the U.S. Department of Defense. The company, which runs the Mountain Pass Rare Earth Mine in California, also experienced stock price increases attributed to interest from tech giant Apple. Established in 2017, MP Materials focuses on the production of rare earth materials, critical for advanced electronics. Its magnet manufacturing facility in Texas began production in 2024, enhancing its role in the tech and defense sectors.
Shares in MP Materials Corp. surged in premarket trading following the U.S. Department of Defense's agreement to purchase $400 million worth of new preferred stock. This surge was followed by another rise, influenced by tech giant Apple.
MP Materials Corp. operates the Mountain Pass Rare Earth Mine and Processing Facility, essential for producing rare earths used in advanced electronics. The company has a history dating back to 2017, when it acquired the mine.
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