MP Materials has partnered with the U.S. Department of War, entering agreements in July 2025 to expand its domestic rare earth magnet supply chain, crucial for electric vehicles and defense systems. The company will enhance its Independence Facility, build a new magnet manufacturing facility in Northlake, Texas (10X Facility), and increase heavy rare earth elements refining at Mountain Pass. This venture is expected to generate at least $140 million in EBITDA annually.
With an estimated $1.25 billion investment for the 10X Facility, supported by $200 million in state incentives, MP Materials anticipates that production will reach 10,000 metric tons of magnets annually by 2028. Additionally, the company has secured a long-term supply agreement with Apple for $200 million worth of magnets. Meanwhile, General Motors has entered a long-term agreement for magnetic precursor products, with $87.9 million already sold as of March 31, 2026.
Energy Fuels is also expanding its rare earth operations, having secured up to $725 million in financing to enhance critical mineral processing capabilities at its White Mesa Mill in Utah. The funding aims to bolster domestic production of rare earth metals and alloys, complementing its existing uranium business.
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