LYC 1.00% $6.44 lynas rare earths limited

News: LYC MP Materials CEO declines to discuss recent M&A speculation about company

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    Feb 22 (Reuters) - Mp Materials MP.N :

    • CEO JIM LITINSKY: RARE EARTHS PRICING ENVIRONMENT 'VERY FRUSTRATING'
    • CEO: COMPANY 'RECENTLY BEGAN PRODUCING NDPR METAL' IN VIETNAM
    • CEO: COMPANY HAS 'FIRM COMMITMENTS FOR A SIGNIFICANT PORTION' OF NDPR PRODUCTION FROM JAPANESE CUSTOMERS
    • Q1 RARE EARTH CONCENTRATE PRICES EXPECTED TO DROP ROUGHLY 15% SEQUENTIALLY
    • PLANS 2024 TOTAL CAPEX BUDGET OF $200 TO $250 MILLION
    • INVESTED $10 MILLION IN Q4 IN VRX HOLDCO, THE COMPANY'S TOLL PROCESSING PARTNER IN VIETNAM
    • EXPECTS TO SELL 'A LITTLE MORE' THAN 100 METRIC TONS OF NDPR IN Q1
    • CEO SAYS WILL NOT DISCUSS RECENT M&A SPECULATION ABOUT COMPANY
    • CEO: COMPANY'S LEADERS TAKE FIDUCIARY RESPONSIBILITIES SERIOUSLY AND MARKET CAN EXPECT THEM 'TO BE OPPORTUNISTIC AND THOUGHTFUL'
    • CEO: MARKET PENDULUM ON RARE EARTHS PRICING SEEMS TO HAVE SWUNG 'TOO FAR' GIVEN STRATEGIC NATURE OF THE INDUSTRY
    • CEO: COMPANY LOOKING AT POTENTIAL ACQUISITIONS, EXPECTS THERE WILL BE SOME M&A OPPORTUNITIES GIVEN CURRENT STATE OF RARE EARTHS MARKET
 
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