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MP Materials' rare-earths output hits record ahead of Japan entry
U.S. miner teaming up with Sumitomo to supply key EV materials
asia.nikkei.com
YIFAN YU, Nikkei staff writer
February 24, 2023 12:00 JST
PALO ALTO, U.S.-- MP Materials produced a record volume of rare-earth elements in 2022 and is set to further increase production in the U.S. as it prepares to enter the Japanese market, the Las Vegas-headquartered mining company said on Thursday.
MP Materials announced a partnership with Sumitomo Corp. earlier this week, confirming a report by Nikkei that the Japanese trading house will become the exclusive distributor in Japan of the miner's neodymium-praseodymium oxide, a key element in the production of electric vehicle motors and wind turbines.
