RE:Now let me get this straight, questions.My guess is for beginning of 2024, MP will be separating some of its concenrate, and sending some (don't know which portion) to China for separation. Last week (see video below), MP CEO said MP separated 50 tons of NdPr in Q3, and will do multipies (not multiples and multiples as Pat Ryan would say) in Q4. MP will send some separated Nd and Pr to be made into metals and alloys on tolling basis in Vietnam, whose output MP will sell in Japan via Sumitomo (Japan has some magnet making capability). Some of the separated REOs produced by MP in 2024 will still be sold to China becasue that's where most of the demand is (many cutomers need metals, alloys, or magnets, not separated rare earth oxides). By 2025, MP should be making the metals and alloys itself in Texas, and using them to produce magnets, which it will sell to GM, among others.
I don't think MP will achieve nameplate separation capacity run rate by end of 2023, but hopefully will early in 2024. If MP's ramp had been going faster, I think its stock price would be higher now.
CNBC interview of MP CEO last week