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MP Materials Corp.

NYSE:MPLive AI agent

MP Materials was founded to acquire Mountain Pass when the site was idle and on the brink of closure.

Investor website: https://mpmaterials.com/

About

MP Materials was founded to acquire Mountain Pass when the site was idle and on the brink of closure. Since then, we have restored the full rare earth supply chain in America, with a mission to restore the full rare earth supply chain in the United States and a vision to lead the reinvigoration of the American manufacturing spirit. The company values empowerment, entrepreneurship, integrity, results, safety, and unwavering determination.

Verified company data

Mineral resource
Mountain Pass contains one of the richest deposits of rare earth elements in the world and is the only site of its scale in the Western Hemisphere. Today, MP Materials produces more than 10% of the world's rare earth supply. With our re-commissioned processing facilities, we now deliver separated and refined products, including high-purity NdPr oxide, the cornerstone of the world’s strongest and most efficient permanent magnets.
Projects
["**Mountain Pass Mine and Processing Facility** \n\n67750 Bailey Road 
\n\nHC–1 Box 224
\n\nMountain Pass, CA 92366\n\nLearn more\n\n**Independence Magnet Manufacturing Facility** \n\n13840 Independence Parkway
\n\nFort Worth, TX 76177\n\nLearn more\n\n**Corporate Headquarters**\n\n1700 S Pavilion Center Drive\n\nEighth Floor\n\nLas Vegas, NV 89135\n\n---\n\n**MP Materials Begins Construction on Texas Rare Earth Magnetics Factory to Restore Full U.S. Supply Chain**\n\n04/21/2022\n\n_MP Materials and General Motors simultaneously announce a definitive supply_\n_agreement commencing in late 2023 to produce rare earth alloy and magnets_\n_for GM's EV programs_\n\n_The facility will create approximately 150 skilled jobs and approximately_\n_1,300 indirect jobs_\n\n_MP Materials' Texas magnetics facility will source materials from Mountain_\n_Pass, California, and produce magnets powering approximately 500,000 EV_\n_motors per year, with potential to scale_\n\n_The facility is a substantial component of a $700 million investment MP_\n_Materials will make to fully restore the U.S. rare earth magnetics supply_\n_chain over the next two years_\n\n_Integrated recycling and leading environmental capabilities will deliver_\n_world class sustainability to support the energy transition_\n\n**FORT WORTH, TEXAS., April 21, 2022** - MP Materials Corp.\n(NYSE: MP) today commemorates the start of construction at its first rare\nearth metal, alloy, and magnet manufacturing facility, located in Fort Worth,\nTexas. The first-of-its kind U.S. facility is a substantial component of a\n$700 million investment the company will make over the next two years to fully\nrestore the U.S. rare earth magnetics supply chain. The project will create\naround 150 high-skill jobs and 1,300 indirect jobs and is located in\nHillwood's 27,000-acre, mixed-use development, AllianceTexas.\n\nIn parallel, MP Materials and General Motors (NYSE: GM) are co-announcing a\ndefinitive supply agreement to produce alloy and magnets for GM's EV programs.\nThe definitive supply agreement solidifies the terms of a binding agreement\n[announced](https://mpmaterials.com/articles/general-motors-and-mp-materials-enter-long-term-supply-agreement-to-scale-rare-earth-magnet-sourcing-and-production-in-the-us/)\nby MP Materials and GM in December. Under the long-term agreement, MP\nMaterials will supply U.S.-sourced and manufactured rare earth materials,\nalloy, and finished magnets for the electric motors in more than a dozen\nmodels using GM's Ultium Platform, with a gradual production ramp that is\nexpected to begin in late 2023, starting with alloy.\n\nMP Materials' Fort Worth facility will have the capacity to produce\napproximately 1,000 tonnes of neodymium-iron-boron (NdFeB) magnets per year,\nsupporting the production of approximately 500,000 EV traction motors, with\nroom to scale. In addition to EVs, NdFeB magnets are critical inputs to\nrobots, wind turbines, drones, defense systems, and many other high-growth\ntechnologies. Adamas Intelligence, an independent research firm,\n[forecasts](https://www.adamasintel.com/report/rare-earth-magnet-market-outlook-to-2035/)\nthat global demand for NdFeB magnets will triple by 2035 on the back of rising\ndemand for EV traction motors, wind power generators, energy efficient\nconsumer appliances, and more.\n\nIn February, the Department of Defense\n[awarded](https://www.defense.gov/News/Releases/Release/Article/2941793/dod-awards-35-million-to-mp-materials-to-build-us-heavy-rare-earth-separation-c/)\nMP Materials $35 million to refine and separate heavy rare earth elements at\nthe company's Mountain Pass, California, rare earth materials production\nfacility. MP's Texas magnetics factory will source refined feedstock from\nMountain Pass and transform it into finished products, delivering an\nend-to-end supply chain, including mining and refining, metal, alloy, and\nmagnet manufacturing, and recycling.\n\nMountain Pass is a closed loop, zero-discharge facility with a dry tailings\nprocess that recycles more than 1.7 billion liters of water per year. To\noptimize for efficiency and sustainability, byproduct generated from alloy and\nmagnet manufacturing will be recycled in a closed loop to every extent\npossible.\n\n**James Litinsky, Founder, Chairman, and Chief Executive Officer, MP**\n**Materials**\n\n“Bringing magnetics capabilities home is transformational for MP Materials and\nAmerica's supply chains. I am very proud that after a series of executive\norders spanning multiple presidential administrations MP Materials is leading\nthe restoration of the full supply chain and the revitalization of the\nAmerican manufacturing spirit in our sector.”\n\n**Anirvan Coomer, Executive Director, Global Purchasing & Supply Chain,**\n**General Motors**\n\n\"The new MP Materials magnetics facility in Fort Worth, Texas, will play a key\nrole in GM's journey to build a secure, scalable, and sustainable EV supply\nchain. As the foundational automotive customer of the Fort Worth facility, GM\nwill use the products from this plant in the GMC HUMMER EV, Cadillac LYRIQ,\nChevrolet Silverado EV, and more than a dozen models based on GM's Ultium\nplatform. We also look forward to collaborating with MP Materials from a\npublic policy perspective to seek policies that are supportive of the\nestablishment of an efficient U.S.-based rare earth and magnet supply chain.\"\n\n**Ross Perot Jr., Chairman, Hillwood and The Perot Group**\n\n“Today is an exciting day for North Texas and our entire country. MP Materials\nis not only bringing their state-of-the art magnetics facility to\nAllianceTexas, but also reshoring important next-generation manufacturing jobs\nto America. Securing and developing rare earth materials is one of the most\nimportant national security issues of our day, and we're proud that\nAllianceTexas can partner with MP Materials to play a key role in America's\nability to power its future.”\n\n**The Honorable Ted Cruz, U.S. Senator for Texas**\n\n“The United States needs to do everything we can to end our dangerous\ndependence on China for rare earth elements and critical minerals across the\nentire supply chain. It is both significant and important that MP Materials is\ngoing beyond mining and into alloying and manufacturing, and I'm deeply proud\nof the role Texas is playing in these projects.”\n\n**The Honorable Kay Granger, U.S. Representative for Texas**\n\n\"MP's investment will bring hundreds of new jobs and millions in economic\ngrowth to the TX-12 community. Rare earth materials are crucial for many\ndefense systems, and by producing these much-needed magnets, this facility\nwill reduce our dependence on countries like China. For the sake of our\nnational security, we must continue to increase domestic rare earth\nproduction, and I'm proud that we will do that right here in Fort Worth.”\n\n**The Honorable Michael Burgess, U.S. Representative for Texas**\n\n“When it comes to solving the energy crisis facing our nation, we need\ninnovative and visionary solutions at the forefront. It is exciting that Texas\nis able to welcome another energy provider today with the groundbreaking of MP\nMaterials' new rare earth alloying and magnet manufacturing facility. I hope\nyou will join me in welcoming MP Materials to our community.”\n\n**The Honorable Beth Van Duyne, U.S. Representative for Texas**\n\n“Rare earth magnets are essential for U.S. economic and national security, and\nit is vital to our national interest that we manufacture these components at\nscale here at home. I applaud MP Materials for building this landmark facility\nin Fort Worth, and I'm pleased that Texas is at the forefront of restoring\nthis important supply chain back to America.”\n\n**The Honorable Marc Veasey, U.S. Representative for Texas**\n\n“Rare earth magnets are critical to the energy transition and security of the\nUnited States. It is essential we manufacture these components in the United\nStates from domestic materials sourced in an environmentally responsible\nmanner. The people of TX-33 are prepared to support and lead this effort.”\n\n**The Honorable Greg Abbott, Governor of Texas**\n\n“Congratulations to MP Materials on the groundbreaking of their new magnet\nmanufacturing facility and engineering headquarters in Fort Worth. This\nincredible investment will not only create more than 100 new jobs for\nhardworking Texans, but will also bolster the state's supply chain in\nhigh-tech industries while solidifying Texas as a mecca for advanced\nmanufacturing and innovation. It's thanks to industry innovators like MP\nMaterials that ‘Made in Texas' continues to be the most powerful global\nbrand.”\n\n**The Honorable Mattie Parker, Mayor of Fort Worth**\n\n“This new MP Materials facility is an excellent fit for the groundbreaking\nwork being done at AllianceTexas, and it presents an incredible opportunity to\nbring more advanced manufacturing jobs home to the U.S. right here in Fort\nWorth. Our local, state, and national economic and mobility goals require\nsecure development of rare earth magnets, and I am proud that Fort Worth will\nserve as a center for our nation's focus on advancing this effort.”\n\n**About MP Materials**\n\nMP Materials Corp. (NYSE: MP) is the largest producer of rare earth materials\nin the Western Hemisphere. The Company owns and operates the Mountain Pass\nRare Earth Mine and Processing Facility in California, North America's only\nactive and scaled rare earth production site. Separated rare earth elements\nare critical inputs to the world's most powerful and efficient magnets found\nin electric vehicles, drones, defense systems, wind turbines and various\nadvanced technologies. The Company is developing U.S. metal, alloy and magnet\nmanufacturing capacity to build these critical components domestically. More\ninformation is available at\n[https://mpmaterials.com/](https://mpmaterials.com/).\n\nJoin the MP Materials community on\n[Twitter](https://twitter.com/mpmaterials),\n[Instagram](https://www.instagram.com/mpmaterials/) and\n[LinkedIn](https://www.linkedin.com/company/mp-materials/).\n\n**Forward-Looking Statements**\n\nThis press release contains certain statements that are not historical facts\nand are forward-looking statements for purposes of the safe harbor provisions\nunder the United States Private Securities Litigation Reform Act of 1995.\nForward-looking statements may be identified by the use of words such as\n“estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,”\n“believe,” “seek,” “will,” “target,” or similar expressions that predict or\nindicate future events or trends or that are not statements of historical\nmatters. These forward-looking statements include, but are not limited to,\nstatements regarding the Company's expected investment to restore the rare\nearth supply chain in the United States, the expected number of employees and\njobs being created in connection with the Company's Forth Worth facility,\nstates regarding the long-term agreement with General Motors and the Company's\nability and timing to supply U.S.-produced NdFeB alloy and magnets. Such\nstatements are all subject to risks, uncertainties and changes in\ncircumstances that could significantly affect the Company's future financial\nresults and business.\n\nAccordingly, the Company cautions that the forward-looking statements\ncontained herein are qualified by important factors that could cause actual\nresults to differ materially from those reflected by such statements. The\nCompany does not intend to update publicly any forward-looking statements\nexcept as required by law. In light of these risks, uncertainties and\nassumptions, the forward-looking events discussed in this earnings release\nmay not occur.\n\n**Contact:**\n\nMatt Sloustcher\n\n[msloustcher@mpmaterials.com](mailto:msloustcher@mpmaterials.com)\n\n---\n\n**MP Materials Selects Northlake, Texas, as the Site of “10X,” a New U.S. Rare Earth Magnet Manufacturing Campus**\n\n02/26/2026\n\n_A $1.25 billion-plus company investment will create over 1,500 jobs,_\n_dramatically expand domestic manufacturing capacity, and strengthen_\n_America's supply chain independence_\n\n_Significant state and local incentive package and 10-year Pentagon_\n_offtake commitment support rapid buildout and production expansion_\n\n_Historic milestone fulfills a key pillar of MP's publicprivate_\n_partnership with the U.S. Department of War_\n\n**Northlake, Texas, February 26, 2026 —** MP Materials Corp.\n(NYSE: MP) today announced it has selected a 120-acre site in Northlake,\nTexas, to develop “10X,” the company's planned large-scale rare earth magnet\nmanufacturing campus. Located less than 10 miles from MP's existing\nIndependence facility in Fort Worth, the new campus will cement North Texas\nas the center of gravity for the United States' rare earth magnet supply\nchain.\n\n10X will significantly expand MP's fully integrated U.S. rare earth\nmagnetics manufacturing platform, which already encompasses mining and\nrefining, metallization and alloying, sintering, finished magnet production,\nand closed-loop recycling. Once operational, the new campus is expected to\ncontribute to the company's total production capacity of approximately\n10,000 metric tons of NdFeB rare earth magnets per year, dramatically\nadvancing the nation's ability to produce these strategic components\ndomestically.\n\nMP expects to invest more than $1.25 billion in the project and create more\nthan 1,500 direct manufacturing and engineering jobs at the site. The\ncompany anticipates breaking ground imminently. Engineering and equipment\nprocurement is well underway, with commissioning set to commence in 2028.\n\nThe decision to expand in North Texas reflects the worldclass workforce and\ndeep manufacturing expertise in the region, both of which are critical to\nscaling a complex and globally competitive rare earth magnetics capability\nin the U.S.\n\nThis project is enabled by the State of Texas, Denton County, and the City\nof Northlake, which have approved a comprehensive incentive package totaling\nroughly $200 million over more than a decade, including grants, abatements\nand exemptions. The package includes more than $66 million in grants from\nthe Texas Enterprise Fund (TEF) and Texas Semiconductor Innovation Fund\n(TSIF), underscoring Texas' leadership in next-generation manufacturing.\n\nThe site to be acquired from Hillwood is within the AllianceTexas\ndevelopment and was selected following a national site evaluation process\nled by CBRE.\n\n**Advancing U.S. National and Economic Security Objectives Under**\n**Partnership with Department of War**\n\n10X is a cornerstone of\n[MP's previously announced public-private partnership with the U.S.\\\nDepartment of War](https://mpmaterials.com/news/mp-materials-announces-transformational-public-private-partnership-with-the-department-of-defense-to-accelerate-u-s-rare-earth-magnet-independence/)\n(DoW), which was established in July 2025 to accelerate U.S. rare earth\nmagnet independence. This partnership provides longterm demand certainty to\nsupport the rapid buildout of domestic magnet manufacturing capacity, while\nkeeping the 10X facility wholly owned and operated by MP Materials. These\nmagnets underpin technologies central to economic resilience and national\nsecurity, including drones, robotics, AI data centers, electrification, and\nadvanced semiconductor fabrication.\n\n**Building on MP Materials' Strong Foundation and Proven Track**\n**Record**\n\nMP Materials' Independence facility began commercial metal production in\n2024, followed in 2025 by first alloy flake and finished magnet production\non commercial equipment, restoring end-to-end production capabilities in the\nUnited States for the first time in decades. The experience, technical\ntalent, and supplier ecosystem developed through Independence form the\nfoundation for 10X and give MP a significant advantage in scaling advanced\nmagnet manufacturing in the U.S.\n\n10X will incorporate next-generation NdFeB magnet manufacturing\ntechnologies, including an MP-developed Grain Boundary Diffusion (GBD)\nprocess and other innovations that significantly reduce or eliminate heavy\nrare earth requirements entirely while maintaining high coercivity and\nthermal stability. The light and heavy rare earth raw materials necessary to\nsupport 10X will be sourced from MP's processing facility in Mountain Pass,\nCalifornia. Scrap from Texas magnet production will be reintegrated into\nMP's short-loop and long-loop recycling circuits in Texas and California,\ntightening circularity and cost performance across the platform.\n\nMP's commercial relationships include longterm commitments from some of\nAmerica's most important and technologically sophisticated endusers of rare\nearth magnets, including a longterm magnet supply agreement with General\nMotors and collaboration with Apple to build an innovative rare earth\nrecycling and magnet production system—reflecting broad confidence among\nleading industrial and consumertechnology manufacturers in the strength and\nreliability of a fully integrated U.S. production platform.\n\n**Strong Support for U.S. End-to-End Rare Earth Independence**\n\nJames Litinsky, Founder, Chairman & CEO, MP Materials:\n\n“10X is about building industrial strength at a scale the United States has\nnot seen in generations, and the exceptional talent and infrastructure in\nNorth Texas make it possible. We are advancing key objectives under our\npublic-private partnership with the Department of War and accelerating\nAmerica's rare earth and magnet independence with an uncompromising focus on\nspeed, execution, and delivery.”\n\nTexas Governor Greg Abbott:\n\n“Hardworking Texans will advance America’s semiconductor manufacturing\nindependence. This Texas-sized investment by MP Materials in Northlake will\ncreate more than 1,500 corporate, manufacturing, and engineering jobs and\ndramatically expand domestic manufacturing of rare earth magnets to reduce\nreliance on foreign supply chains. This expansion in North Texas reflects\nthe strength of our skilled and growing workforce and our advanced\nmanufacturing expertise. Working together with innovative industry partners,\nTexas will accelerate America's leadership for decades to come.”\n\nU.S. Senator John Cornyn of Texas:\n\n“MP Materials' plan to build a new Magnet Manufacturing Campus in Northlake\nis great news for Texas. I look forward to seeing how this expansion will\nbolster Texas' economy, create opportunities for innovation, and strengthen\nour national security.”\n\nU.S. Senator Ted Cruz of Texas:\n\n“The Chinese Communist Party represents the most acute national security\nthreat to the United States, yet we remain dependent on the CCP for critical\nminerals. MP Materials is building the infrastructure needed to undo that\ndependence and bolster American national security. The expansion of MP\nMaterials' rare earth manufacturing facility in Northlake, Texas will\nadvance these goals while creating high-quality jobs in the Lone Star\nState.”\n\nRoss Perot Jr., Chairman, Hillwood:\n\n“AllianceTexas continues to attract advanced manufacturing that creates\njobs, diversifies our economy, and strengthens America's supply chain. MP\nMaterials has been a strong partner, and this competitive project\ndemonstrates how city, county, and state leaders work together to secure\nsignificant new investment in North Texas.”\n\n**ABOUT MP MATERIALS**\n\nMP Materials (NYSE: MP) is America's only fully integrated rare earth producer\nwith capabilities spanning the entire supply chain—from mining and processing\nto advanced metallization and magnet manufacturing. We extract and refine\nmaterials from one of the world's richest rare earth deposits in California\nand manufacture the world's strongest and most efficient permanent magnets.\nOur products enable innovation across critical sectors of the modern economy,\nincluding transportation, energy, robotics, defense, and aerospace.\n\nMore information is available at\n[https://mpmaterials.com/](https://mpmaterials.com/).\n\nJoin the MP Materials community on\n[X](https://x.com/mpmaterials),\n[YouTube](https://www.youtube.com/@MPMaterials) and\n[LinkedIn](https://www.linkedin.com/company/mp-materials).\n\n**FORWARD-LOOKING STATEMENTS**\n\nThis press release contains certain statements that are not historical facts\nand are forward-looking statements for purposes of the safe harbor\nprovisions under the United States Private Securities Litigation Reform Act\nof 1995. Forward-looking statements may be identified by the use of words\nsuch as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,”\n“anticipate, “believe,” “seek,” “will,” “target,” or similar expressions\nthat predict or indicate future events or trends or that are not statements\nof historical matters, including statements related to the 10X facility,\nincluding the expected timing for construction and commissioning, investment\namount, job creation, production capacity and incentives to be received from\nthe State of Texas, Denton County, and the City of Northlake. These\nforward-looking statements are subject to a number of risks and\nuncertainties, including risks relating to (i) the timing and achievement of\nbusiness milestones related to the 10X facility, including construction and\ncommissioning of the 10X facility; (ii) the Company's ability to meet the\nconditions necessary to obtain the incentives the State of Texas, Denton\nCounty, and the City of Northlake and (iii) those risk factors discussed in\nMP Materials' filings with the Securities and Exchange Commission, including\nAnnual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports\non Form 8-K and other documents filed by the Company with the Securities and\nExchange Commission."]
Leadership
James Litinsky (Chairman and Chief Executive Officer, Founder of MP Materials Corp. and JHL Capital Group LLC, with extensive experience in investment management and finance.), Michael Rosenthal (Chief Operating Officer, Founder of MP Materials, previously a Partner at QVT Financial with a focus on the automotive sector.), Ryan Corbett (Chief Financial Officer, joined MP Materials in 2019 after serving as Managing Director at JHL Capital Group, with a background in investment banking.), Elliot D. Hoops (General Counsel and Secretary, joined MP Materials in 2021, previously Vice President and Deputy General Counsel at Penn National Gaming, with experience in corporate governance and legal compliance.)

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