MP Materials cuts off US rare earth to China in ongoing tariff battle
Niocorp CEO Mark Smith joins “Mornings with Maria” to overthrow the tariff agenda of President Donald Trump on the import of critical minerals in the United States.
In response to China’s response operations tariffs And export controls, MP materials belonging to the only rare mine in the United States, announced on Thursday that they would suspend deliveries of the rare Chinese country.
The company says that they are preparing for the moment, and that it reflects the “long-term vision is built to resist the short-term movement and it will be stronger.”
The company also said that selling their “critical” materials under 125% is non-profit or equal to the national interest of America.
The materials of the deputies say that it began separation or recycling in recent rees. This is the first time that the efforts have taken place in the United States since 2015. (MP materials / Fox News)
The MP says more than 70% of its income comes from a cliff, which is focused on the sale of rare countries, almost half of which is now refined in California and is sold outside of China.
The concentration of these rare countries from its California mine consists of 17 metals used to turn power for electric vehicles, mobile phones and other electronics.
View view of the MP’s open-pit mine view of California, January 2020, 2020 Image: (Reuters / Steve Marcus / Reuters Photos)
“The MP has invested about $ 1 billion to restore the full rare chain of land supply in the United States. Today, our California Processing Plant processes almost half of our production, including China, including outside South Korea.
Their decision is President Trump To investigate new tariffs for all possible mineral imports.
The materials of the deputies are going to produce the state magnets of those magnets, particularly for the electric vehicles of General Motors. (MP materials / Fox News)
Get Fox Business Go by clicking here
They say they will remain “in close contact with federal leaders and are encouraged to support their determination American Industry:“And that they are” proud to lead these efforts for our partners, our country and the future. “
The MP reports on quarterly earnings and will present more details on May 8.
Reuters contributed to this report.
English