MP Materials begins construction of magnetics plant, cements supply agreement with GM
MP Materials has begun construction on its previously announced rare earth metals, alloys and magnet manufacturing facility in Fort Worth, Texas, marking a significant return to magnet manufacturing in North America. The company said that it will invest US$700 million in the next two years to fully restore the supply chain of rare earth magnets in the United States, and the plant is an important part of it.
MP Materials begins construction of magnetics plant
Meanwhile, MP and GM jointly announced a definitive supply agreement to produce alloys and magnets for GM’s electric vehicle program, cementing the terms of an agreement they jointly announced in December. Under the agreement, MP will use GM’s Ultium platform to supply U.S.-sourced and manufactured rare-earth materials, alloys and finished magnets for electric motors in more than a dozen vehicle models, with ramp-up production expected to begin in late 2023, starting with alloys.
The Fort Worth facility will produce approximately 1,000 tons of neodymium-iron-boron (NdFeB) magnets per year, support production of approximately 500,000 electric vehicle traction motors, and have room to scale production.
In February, the U.S. Department of Defense awarded lawmakers $35 million to refine and separate heavy rare earth elements at the company’s Mountain Pass, California, mine. Plans call for the new Texas facility to source refined feedstock from Mountain Pass and convert it into finished products, providing an end-to-end supply chain that includes mining and refining, metals, alloys, magnet manufacturing and recycling. Mount Pass is a closed, zero discharge facility utilizing a dry tailings process that recycles over 1.7 billion liters of water per year. To optimize efficiency and sustainability, by-products from the alloy and magnet manufacturing process will be recycled as much as possible in a closed loop, the company said.
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