MP Materials (NYSE: MP) said it produced 42,413 metric tons of rare earth oxides in concentrate in 2021.
The rare earth miner released its full year financial results today.
The company said the production was the highest rare earth production in U.S. and Mountain Pass history
The company sold a record 42,158 metric tons of REO, generating record revenue of $332.0 million, up 147% year-over-year.
MP Materials had net income of $135.0 million. Adjusted EBITDA was $219.1 million, a 414% increase year-over-year.
The company also raised $690.0 million in gross proceeds from a green convertible bond offering.
“In Q4, in addition to delivering strong performance, we began executing on our magnetics strategy, signing a long-term supply agreement with General Motors and announcing our initial magnetics facility,” said MP Materials Chairman and CEO, James H. Litinsky.
“Our momentum is carrying into 2022 with the release of our new reserve report and the recent $35.0 million Department of Defense award for heavy rare earth separations at Mountain Pass, developments which underscore the value of our resource and the extraordinary opportunity that lies ahead for MP Materials.”