Rare Earths Climb Above US Price Floor Given to MP Materials

Shares of MP Materials rose almost 2 percent at the end of the Feb. 18 trading session.

American Tungsten Corp.'s main entrance to its IMA Mine Project in Lemhi County, Idaho, which will produce tungsten, a critical mineral vital for production of tank armor, hypersonic weapons, submarine hulls, semiconductors, and many other products and applications. American Tungsten Corp.

Strong demand and tight supply have sent prices for two critical rare earths used in electric vehicles and defense magnets soaring past the U.S. price floor set for MP Materials last summer.

The price of neodymium and praseodymium (NdPr) reached $123 per kilogram on Feb. 18, the highest since July 2022. It has risen more than 90 percent over the past 12 months.