MP Materials
About
About MP Materials
MP Materials extracts and separates rare-earth feedstock at Mountain Pass in California, including neodymium and praseodymium used in high-strength permanent magnets. Its Independence facility in Texas converts those materials into alloy, magnetic powder and finished sintered NdFeB magnets.
The company is building an end-to-end US supply chain from mine to magnet for electric motors, generators and defence systems. Initial magnet production supports General Motors, while additional facilities and an Apple agreement expand capacity for recycled and domestically produced magnets used in compact high-performance drives.
Supply
Supply chain relationships
- Sumitomo Corporation of Americas
Outbound - materials and robotics supply chain - MP Materials appointed Sumitomo Corporation of Americas as exclusive NdPr oxide and metal distributor to Japan through 2030
Source - General Motors
Outbound - materials and robotics supply chain - MP Materials entered binding terms to supply rare-earth alloy and magnets for GM Ultium motors; ramp planned from 2023
Source
Financials
- MP - NYSE - USD
Team
- James Litinsky - Founder, Chairman and Chief Executive Officer - He has led MP Materials since 2017, took it public in 2020 and initiated its expansion into domestic rare-earth separation and magnet manufacturing.
Timeline
Events
- 2026-02-26 - Market Signal - MP Materials selects Northlake, Texas for planned 10X magnet campus
The planned 10X campus represents more than $1.25 billion of company investment and is expected to create over 1,500 jobs. Texas state and local support includes more than $66 million in grants and incentives. The company says the wholly owned campus will expand U.S. magnet capacity under its long-term Pentagon offtake framework.
Source - 2021-12-09 - Partnership - MP Materials and GM enter binding rare-earth supply terms
Materials from Mountain Pass, California, were to feed a new alloy and magnet facility in Fort Worth, Texas. Production was planned to ramp gradually from 2023. The parties expected a definitive supply agreement shortly and planned to explore recycling manufacturing waste.
Source