Feb 20 (Reuters) -

Rare earths producer MP Materials ( MP ) said on Thursday

its fourth-quarter loss widened due in part to higher production

costs for the refining of the critical minerals, but the results

beat Wall Street's expectations.

Shares of the Las Vegas-based company rose 1% to $23.40 in

after-hours trading.

MP reported a net loss for the period ended December 31 of

$22.3 million, or 14 cents per share, compared to a net loss of

$16.3 million, or 9 cents per share, in the year-ago quarter.

Excluding one-time items, including depreciation and costs

for environmental obligations, MP lost 12 cents per share. By

that measure, analysts expected a loss of 13 cents per share,

according to IBES data from LSEG.

MP produces rare earths concentrate at its California

mine that it sells to refiners in China and elsewhere. It also

refines rare earths in California.

The company produced 11,478 metric tons of that

concentrate during the quarter, 24% higher than the year-ago

period.

At its California refinery, MP produced 413 metric tons

of neodymium and praseodymium (NdPr) - the two most in-demand

rare earths - during the quarter, nearly triple the year-ago

period.

Realized prices of rare earth concentrates and NdPr both

fell during the quarter.

MP said it expects to begin manufacturing permanent

magnets at its Texas facility by the end of 2025.