Mining executives and former officials have voiced concerns about the highly unusual US government deal to buy into the country’s only producing rare earths company, warning the arrangement echoed state interventions more typical of China.
The Pentagon last week said it had become the largest shareholder in MP Materials, operator of the Mountain Pass facility in California, which sent shockwaves through the industry and drove the company’s shares to record highs.
The US government committed $400mn of direct investment in the Las Vegas-based company and guaranteed a decade-long price floor for its output at nearly double the current market rate. MP, led by founder James Litinsky, is also building a domestic magnet manufacturing facility.
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