MP Materials Announces $1.25 Billion Texas-Based Rare-Earth Magnet Facility

MP Materials is investing $1.25 billion in a new rare-earth magnet manufacturing facility in Texas. The facility will produce critical magnets for electric vehicles and the US Department of Defense. Expected to be operational by 2028, the project will create 1,500 jobs and increase the company's NdFeB magnet production capacity to 10,000 metric tons per year. The decision was driven by a deal with the DoD and growing demand for rare-earth magnets.