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MP Materials Corporation (NYSE:MP) is the only major U.S. neodymium producer, operating the Mountain Pass mine in California, which supplies over 10% of global rare-earth content. In 2024, MP produced a record 45,000 tonnes of rare-earth oxide concentrate, including 1,300 tonnes of NdPr oxide.

The company began commercial NdPr metal production in January 2025 and has secured partnerships with GM and Apple. A $400 million investment from the U.S. Department of Defense includes a price floor guarantee for NdPr. MP’s stock has risen 135% over the past year, reflecting high growth potential but also execution and valuation risks.