MP Materials has commenced construction of its first rare earth metal, alloy, and magnet manufacturing facility in Fort Worth, Texas, US.
The facility, which is claimed to be the first-of-its kind in the US, will be located in Hillwood’s AllianceTexas, a 27,000-acre mixed-use development.
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It is said to be a substantial component of the company’s $700m investment, which will be made over the next two years to help restore complete rare earth magnetics supply chain in the US.
The new rare earth magnetics factory is expected to have nearly 1,000 tonnes of neodymium-iron-boron (NdFeB) magnets production capacity per year.
The company stated that NdFeB magnets are used in producing EV traction motors robots, drones, defence systems, wind turbines, along with many other high-growth technologies.
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Meanwhile, MP Materials has announced a definitive supply agreement with General Motors to produce rare earth alloy and magnets for GM’s EV programme.
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By GlobalDataUnder the long-term supply deal, the company will be responsible for the supply of rare earth materials, alloy, and finished magnets for the electric motors.
The rare earth materials, alloy, and magnets will be sourced and manufactured in the US.
General Motors Global Purchasing and Supply Chain executive director Anirvan Coomer said: “The new MP Materials magnetics facility in Fort Worth, Texas, will play a key role in GM’s journey to build a secure, scalable, and sustainable EV supply chain.
“As the foundational automotive customer of the Fort Worth facility, GM will use the products from this plant in the GMC HUMMER EV, Cadillac LYRIQ, Chevrolet Silverado EV, and more than a dozen models based on GM’s Ultium platform.
“We also look forward to collaborating with MP Materials from a public policy perspective to seek policies that are supportive of the establishment of an efficient U.S.-based rare earth and magnet supply chain.”
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Image: Rendering of the new rare earth magnetics factory in Texas, US. Credit: MP Materials.
