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MP Materials posts smaller-than-expected loss on greater output, sales

U.S. uncommon earths miner and processor MP Products Corp. on Thursday reported a smallerthanexpected loss in the third quarter,. assisted by greater production and sales volumes of the tactical products.

MP procedures rock it draws out from its Mountain Pass mine in California into. uncommon earths concentrate that is delivered to China for refining.

The business offered 9,729 metric lots of that concentrate throughout the quarter,. 6% higher than the year-ago period.

The growth in sales was driven by greater production volumes, reflecting. greater mineral healings and operational performances, the business stated.

Nevertheless, understood prices of rare earth concentrates decreased 23% in the. quarter due to continuous soft prices environment for uncommon earth items.

MP Products produced 478 tons of neodymium and praseodymium (NdPr)-- the. 2 most in-demand unusual earths-- during the quarter, with 404 tons offered. Sales. almost tripled sequentially.

Despite continued weak market pricing, increased NdPr sales volumes drove a. go back to year-over-year profits growth, stated CEO Jim Litinsky, who is likewise the. largest shareholder of the business with an 11.2% stake.

Cost of sales increased over 150% in the quarter, but were partly offset by a. decrease of an inventory reserve of $2.7 million tape-recorded in the quarter.

Omitting one-time items, MP published a loss of 12 cents per share, compared. with analysts' expectations of a loss of 13 cents per share, according to information. compiled by LSEG.

(source: Reuters)