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MP Materials, the only vertically integrated rare earth producer in the U.S., is based in Mountain Pass, California. The company primarily mines and processes neodymium-praseodymium (NdPr)—critical for electric vehicle motors, wind turbines, and various consumer electronics.
In July, the Department of Defense (DoD) awarded MP Materials a $400 million investment and a $150 million loan for expanding processing capabilities. They will also purchase all NdPr oxide production from a new facility, establishing a minimum price guarantee.
On July 15, Apple Inc. announced a $500 million investment in MP Materials to secure American-made rare earth magnets and foster innovative processing technologies in California.
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