MP Materials enters new offtake deal with Shenghe for rare earth products

MP Materials Corp. / DE

Two-year initial term with company option to extend one additional year.
Shenghe to purchase rare earth concentrate on take-or-pay basis as exclusive distributor in China.
Company retains discretion for direct sales globally and for non-concentrate products.
Shenghe receives variable commission on net proceeds for distribution services.
Replaces prior March 2022 offtake agreement between the parties.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

MP Materials Corp. / DE entered into Offtake Agreement with Shenghe Resources (Singapore) International Trading PTE. LTD. (effective 2024-01-16).

Action: entry
Agreement: supply
Counterparty: Shenghe Resources (Singapore) International Trading PTE. LTD.
Effective: 2024-01-16

Exact text from the filing

On January 16, 2024, MP Mine Operations LLC (“MPMO”), a Delaware limited liability company, MP International Sales LLC (“MPIS”), a Delaware limited liability company, and each a wholly-owned subsidiary of MP Materials Corp. (“MPMC” and together with MPMO and MPIS, collectively referred to as the “Company”) entered into an Offtake Agreement, dated as of January 16, 2024 (“Offtake Agreement”) with Shenghe Resources (Singapore) International Trading PTE. LTD., a private limited company organized under the laws of Singapore (“Shenghe”).

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MP Materials Corp. / DE filing history →

Source: SEC EDGAR

accession 0001801368-24-000003

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