(Reuters) – U.S. rare Earth miner MP Materials Corp reported a larger fourth quarter profit on Thursday, thanks to rising prices of the minerals that are used in high-end electronic and weaponry manufacturing.

The rare earths, a collection of 17 metals, can be used, once processed, to produce magnets in electronic vehicles, weaponry, and other applications. Due to high demand and limited supply, prices for rare earths have risen in the last months.

MP reported that its realized price of rare earth oxides rose 148% to $10.101 per square metric tonne in quarter. The production of REOs increased to 10,261 tonnes, compared with 4,070 tonnes last year.

Company, which depends on China to extract rare earth oxides from California’s mining site, posted net income of $49million, or 26c per share for the three months ending Dec. 31. This compares with the $24.1million, or 20c per share in the previous year.

MP currently processes the rare earths that it has extracted from California’s Mountain Pass Mine and then ships the material to China where it is separated into different rare earth metals. There aren’t any U.S. options.

U.S. funding has been provided to Las Vegas-based companies in order to support processing in America, which is the place where rare earths first emerged in the middle of the 20th century.