MP Materials begins construction on Texas magnetics factory; signs definitive supply deal with GM

MP Materials Corp. / DE

Fort Worth facility to create ~150 direct and 1,300 indirect jobs; capacity for 500,000 EV motors/year.
$700M investment over two years to restore full U.S. rare earth magnetics supply chain.
Definitive supply agreement with GM to supply alloy and magnets for GM's Ultium Platform, starting late 2023.
Facility will source feedstock from MP's Mountain Pass, CA site; closed-loop recycling planned.
DoD awarded MP $35M in February for heavy rare earth separation at Mountain Pass.

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