MP Materials falls as Tesla says it will not use rare earths in next gen EVs

Texas Mineral Resources

02/03/2023 15:56

** Shares of rare earth company MP Materials Corp  MP.N 
fall 14% after Tesla Inc  TSLA.O  says its next generation
electric vehicles (EV) would not use rare earth metals
    ** Sector peer Texas Minerals Resources Corp  TMRC.PK 
slides 4.2% 
    ** Rare earths are 17 related minerals found dispersed in
Earth's crust and widely used for motors in EVs and generators
in wind turbines
    ** Tesla has not given any timeline for the launch of its
much-awaited affordable EV
    ** Lithium miners also decline: Albemarle Corp  ALB.N  and
U.S.-listed shares of Chile's SQC Quimica  SQMA.SN   SQM.N  down
2.9% and 7.3%, respectively  
    ** Piedmont Lithium Inc  PLL.O , Livent Corp  LTHM.N  and
Sigma Lithium Corp  SGML.O  decline between 4.5% and 5.5%
    ** Canadian miner Lithium Americas Corp  LAC.TO , which has
started construction at its Thacker pass mine, drops 6.2%

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))