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MP Materials halts exports to China
me-metals: A US producer of rare earth metals stopped shipments to China after Beijing placed export controls on similar materials crucial for defense and technology manufacturing.
According to me-metals cited from mining.com, MP Materials Corp., which operates a mine and processing facility in California, said Thursday it would halt sales of its rare earth elements to China as part of an effort to “reindustrialize” the minerals supply chain in the US.
The move follows Chinese restrictions announced earlier this month that are expected to have broad impacts on companies making optical lasers, radar devices and high-powered magnets used in wind turbines, jet engine coatings and other advanced technologies. China is the world’s dominant supplier of rare earths, while the US produces and refines little of its own.
“Selling our valuable critical materials under 125% tariffs is neither commercially rational nor aligned with America’s national interest,” the company said in a statement. “Manufacturers across critical industries have urgently reached out in search of a secure, resilient source of materials and magnets. We are uniquely positioned to answer that call.”
Shares of MP Materials dropped as much as 10% in midday trading in New York.
source: mining.com
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