NIOCORP CEO Mark Smith joins “Morning with Maria” to break down President Donald Trump's tariff agenda and its impact on US critical mineral imports.
In response China's retaliatory tariffs And export controls, the MPs, which own our only rare land mine, announced on Thursday that they were stopped from cargo of rare land concentrate to China.
The company said in a statement that they were prepared for this moment, indicating “a long -term vision made to resist short -term displacement and appear stronger.”
The company also said that the sale of “critical” materials below 125 % of tariffs is neither commercially logical nor in line with US national interests.
MP Material says it has begun separation – or refinement in recent months. This is the first time since 2015 effort has taken place on US soil. (MP MATERIAL / FOX NEWS)
The MP says more than 70 % of its income is due to the sale of rare land -based land, almost half of which is now refined in California and sold outside China.
These rare lands focus on their California mine, including 17 metals used to produce magnets that help convert power to motion for electric vehicles, cell phones and other electronics.
A view of the MP Material Near Earth Mine in Mountain Pass, California, the United States Jan 2020. Image taken on January 30, 2020. (Reuters / Steve Marcus / Reuters Photos)
The company said: “MP has invested nearly $ 1 billion to restore the complete rare land supply chain in the United States. Today, our refinery in California processs about half of our production, almost all of it sold in markets outside China – including Japan, South Korea and the United States.”
Their decision is followed. President Trump Order of reviewing new potential tariffs on all important mineral imports.
MP materials are preparing to produce those magnet states – especially for General Motors electric vehicles. (MP MATERIAL / FOX NEWS)
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They say they will be in close contact with federal leaders and encourage their determination to support American Industry“And they are” proud to lead this effort for our partners, our country and the future. “
The House of Representatives reports three -month revenue and provides more details on May 8.
Reuters was involved in this report.