U.S. rare earths miner MP Materials will go public in a $1.47 billion deal by merging with a private-equity backed blank-check company, underscoring W...
rare earths miner MP Materials will go public in a $1.47 billion deal by merging with a private-equity backed blank-check company, underscoring Wall Street's rising interest in efforts to boost U.S. production of the strategic minerals.
SPACs have been behind some recent high-profile public listings, including electric car maker Fisker, which announced its plans earlier this week. MP is by far the most advanced player in the U.S. rare earths industry, given no rival project has even broken ground. But the company has to ship more than 50,000 tonnes of concentrated rare earths per year to China for final processing because its California equipment is not operational. Chinese customers account for all of MP's $100 million in annual revenue.
It was not immediately clear if China's Shenghe Resources Holding Co Ltd, which owns about 10% of MP, would participate in the Fortress deal. Shenghe and MP Materials did not immediately respond to requests for comment.
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