MP - MP Materials Sumitomo forge rare earth supply deal in Japan

• MP Materials ( NYSE: MP ) said Tuesday it signed an agreement under which Sumitomo will become the exclusive distributor of NdPr oxide produced by MP to customers in Japan.

• The companies will also collaborate on the supply of rare earth metals and other products, in a push to "diversify and strengthen rare earth supplies" in Japan.

• "SC and MP Materials will leverage mutual strengths to contribute to the stable procurement of rare earth materials in Japan and support efforts to decarbonize society," the companies said in a joint statement.

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