By Staff Reports
(Victor Valley)– With mining operations in San Bernardino County, the Co-Chairman of America’s only producer of vital rare earth minerals said his company is profitable despite Chinese tariffs and is preparing to ramp up processing at its local plant next year.In a video interview on Yahoo Finance, Jim Litinsky, MP Materials Co-Chairman, said his company has invested about $200 million into the mining operation along Interstate 15 in Mountain Pass. Currently, the mined ore concentrate is shipped to China for processing and then shipped back to the United States. Despite 25 percent Chinese tariffs, Litinsky said the company is profitable and has the potential to be the low cost producer in the world.
“Even with that tariff, we’ve sort of gotten things so efficient – we have an incredible team out there, 200 Americans working – even with the tariff, we are profitable,” he said. He added, “We have an incredible working relationship with the State of California. They’ve been an incredible partner. So has San Bernardino County. They’ve all been wonderful partners.”
Rare earth elements are used in a wide variety of advanced technologies including electric vehicles, drones, turbines, robots, cell phones and a range of military applications.