BUZZ-MP Materials rises on starting rare earth magnet production in US

Shares of miner MP Materials Corp MP.N rise ~3% to $21.48 premarket

Co says it has started commercial production of rare earth metal at its facility in Texas, and that it has begun trial production of high-grade magnets for use in vehicles, drones, and other applications

The facility will supply magnets to General Motors GM.N and other manufacturers

The facility, called Independence, will produce around 1,000 metric tons of finished magnets per year, with production ramping up in late 2025 - co

Last year, co was awarded $58.5 mln by the U.S. government to help with the construction of the facility

10 brokerages rate the stock "buy" or higher and 3 "hold"; their median PT is $24 - LSEG

Co fell ~21% in 2024

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))