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Key Developments in U.S. Rare-Earth Supply Chain
The U.S. is reinforcing its supply chain for rare-earth materials in response to China’s dominance, which currently controls 90% of global neodymium-praseodymium (NdPr) production. MP Materials (NYSE: MP), a key player in the rare-earth magnet sector, has entered a multibillion-dollar partnership with the Department of Defense (DOD), which includes a 15% ownership stake and a commitment to purchase 100% of the facility’s output on a cost-plus basis.
MP Materials achieved a record production of 721 metric tons of NdPr oxide in Q3, marking a 51% year-over-year increase. Its strategic expansion plans include a Texas facility projected to produce 3,000 metric tons of magnets annually, along with a second facility aiming for 10,000 metric tons. This business aims to fulfill a long-term agreement with Apple, beginning in 2027, to supply rare-earth magnets made from recycled materials.
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