A closer look
According to the news release, with commercial neodymium-praseodymium metal production already online and trial production of sintered magnets underway, the company’s Fort Worth facility is poised to reach the following milestones:
- Producing approximately 1,000 metric tons of finished neodymium-iron-boron magnets per year, with a gradual production ramp beginning in late 2025.
- Supplying magnets to General Motors and other manufacturers
Quote of note
“This milestone marks a major step forward in restoring a fully integrated rare earth magnet supply chain in the United States,” said James Litinsky, founder, chairman and CEO of MP Materials. “With record-setting upstream and midstream production at Mountain Pass and both metal and magnet production underway at [the Fort Worth facility], we have reached a significant turning point for MP and U.S. competitiveness in a vital sector.”
The backstory
MP Materials received a $58.5 million award from the U.S. Department of Energy in April 2024 to advance its construction of America’s first fully integrated rare earth magnet manufacturing facility in AllianceTexas.