MP Materials $1.25B Texas Magnet Campus

MP Materials announced a $1.25 billion investment to develop the '10X' rare earth magnet manufacturing campus in United States===Northlake, Texas. This 120-acre facility, located near MP Materials' existing Independence facility, will expand the company's fully integrated U.S. rare earth magnetics manufacturing platform. Once operational in 2028, it is expected to produce approximately 10,000 metric tons of NdFeB rare earth magnets annually, creating over 1,500 jobs. The project is supported by a $200 million incentive package from the State of United States===Texas, Denton County, and the City of Northlake, including grants from the United States===Texas Enterprise Fund and United States===Texas Semiconductor Innovation Fund. It is a cornerstone of MP Materials' public-private partnership with the United States===United States Department of Defense, aiming to accelerate U.S. rare earth magnet independence for critical technologies like drones, robotics, and electrification. Raw materials will be sourced from MP Materials' Mountain Pass, California facility, with recycling circuits in United States===Texas and California. MP Materials also has long-term commitments from customers like General Motors and a collaboration with Apple Inc.