MP Materials Corp. has announced a significant expansion through a public-private partnership with the U.S. Department of Defense aimed at bolstering domestic rare earth magnet production. The collaboration involves a multibillion-dollar investment and long-term commitments from the DoD, positioning it as MP Materials' largest shareholder. A new "10X" magnet manufacturing facility will be constructed to enhance MP's existing operations in California and Texas, with the goal of reducing foreign dependency. Once operational in 2028, this facility will increase the company's U.S. magnet manufacturing capacity to 10,000 metric tons annually, serving both defense and commercial sectors. The expansion underscores MP Materials' role as a national leader in the rare earth industry, providing essential materials for sectors such as defense, energy, and aerospace.
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