The owner of the only U.S. rare earths mine is going on a hiring spree as it loo...
- The owner of the only U.S. rare earths mine is going on a hiring spree as it looks to significantly boost production, part of a strategy to build out American refining capability after China raised tariffs on the minerals amid an escalating trade war.
The mine has relied on China for rare earth processing, fueling national security concerns. China is the world’s largest processor and producer of the 17 specialized minerals used to build weapons, consumer electronics and a range of other goods. There are no known substitutes.In June, China more than doubled tariffs on U.S. rare earths imports for refining to 25 percent.
The company plans to boost its headcount by next year to about 400, up from about 200, and is already producing 68 percent more rare earth concentrate than under Molycorp.To resume refining in California, privately-held MP Materials is spending $200 million to restart mothballed equipment at the mine and build a large roasting oven.After processing, rare earths need to be turned into rare earth magnets, found in precision-guided missiles, smart bombs and military jets.
MP Materials also plans to re-open the Mountain Pass chlor-alkali facility, which was built by Molycorp, Litinsky said. “Call me cynical, but history just shows if you look back on metals projects, most don’t start when they were slated to come online,” said Mark Seddon, an Argus metals analyst. MP Materials is majority controlled by Chicago hedge fund JHL Capital Group and New York’s QVT Financial LP, with China’s Shenghe Resources Holding Co holding a 9.9 percent stake.
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