MP Materials posts record NdPr output, ends sales to China and sets mid-2026 start for heavy rare-earth separation

MP Materials/Mountain Pass mine and separation

Mountain Pass made a record 721 tonnes of NdPr in the third quarter of 2025, up 51% on a year earlier, after MP stopped all product sales to China. MP said its new heavy rare-earth separation facility would start commissioning in mid-2026, processing about 3,000 tonnes of feed a year with a 200 t/yr dysprosium and terbium circuit.

• NdPr: 721 t produced, 525 t sold at $59/kg.
• Concentrate revenue fell to zero after third-party sales ended in July 2025.
• Heavy circuit feed: SEG+ stockpiled since late 2023 plus third-party material.
• DoD price protection began on 1 October 2025.