- Press Releases
April 25 (Renewables Now) - US company MP Materials Corp (NYSE:MP) last week celebrated the start of construction of a manufacturing plant in Fort Worth, Texas for rare earth metal, alloy, and magnet.
The facility will have the capacity to produce roughly 1,000 tonnes of neodymium-iron-boron (NdFeB) magnets annually, which are needed in the production of electric vehicle (EV) traction motors, wind turbines, drones, robots and other technologies.
MP will source refined feedstock for the Fort Worth facility from its Mountain Pass, California, rare earth materials production plant.
“Rare earth magnets are critical to the energy transition and security of the United States. It is essential we manufacture these components in the United States from domestic materials sourced in an environmentally responsible manner,” commented Honorable Marc Veasey, US Representative for Texas.
The new manufacturing plant is an important component of MP’s planned USD 700 million (EUR 643m) of investments over the next two years aimed at fully restoring the US rare earth magnetics supply chain and reduce dependence on China for rare earth elements and critical minerals. The company has already signed a definitive supply agreement to deliver rare earth materials, alloy, and finished magnets from the new plant in Texas for the EV programmes of General Motors (NYSE:GM).