BUZZ-MP Materials rises on starting rare earth magnet production in US

** 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;))