MP Sees Heavy Rare Earth Demand Falling as Technology Advances

MP Materials' Mountain Pass mine in California.Photographer: Joe Buglewicz/Bloomberg

MP Materials Corp. expects demand for some of the most expensive rare earth materials to drop sharply as magnet makers adopt alternative metals.

MP and some of its peers are increasingly finding ways to build high-performance magnets with little or no heavy rare earth content, a shift that could weaken prices for materials like dysprosium and terbium, said Chief Executive Officer James Litinsky.