** Shares of miner MP Materials Corp MP.N rise ~3% to $21.48 premarket
** Co says it has started commercial production of rare earth metal at its facility in Texas, and that it has begun trial production of high-grade magnets for use in vehicles, drones, and other applications
** The facility will supply magnets to General Motors GM.N and other manufacturers
** The facility, called Independence, will produce around 1,000 metric tons of finished magnets per year, with production ramping up in late 2025 - co
** Last year, co was awarded $58.5 mln by the U.S. government to help with the construction of the facility
** 10 brokerages rate the stock "buy" or higher and 3 "hold"; their median PT is $24 - LSEG
** Co fell ~21% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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