MP Materials Corp. began construction of its first rare-earth metal, alloy and magnet manufacturing facility in Fort Worth, Texas. The project will create around 150 high-skill jobs and 1,300 indirect jobs.
MP Materials’ Fort Worth facility will have the capacity to produce approximately 1,000 metric tons of neodymium-iron-boron (NdFeB) magnets per year, supporting the production of approximately 500,000 EV traction motors. In addition to EVs, NdFeB magnets are critical inputs to robots, wind turbines, drones, defense systems and many other high-growth technologies.
In related news, Australia's Lynas Rare Earths signed a $120 million follow-on contract with the U.S. Department of Defense to build a commercial heavy rare-earths separation facility in Texas, according to a report from Reuters. Lynas is the world’s largest processor of rare earths outside of China. The project is expected to be built in an industrial area on the Texas Gulf Coast and be operational in 2025.