Awarded Defense Production Act Title III Funds to establish domestic rare earth processing capability
Department of Defense contributing $9.6 Million towards MP Materials’ Stage II Optimization
MOUNTAIN PASS, Calif.–(BUSINESS WIRE)–MP Materials Corp. (the “Company”) (“MP Materials”) (NYSE: MP), the largest rare earth materials producer in the Western Hemisphere, has been awarded a Defense Production Act Title III technology investment agreement (the “TIA”) to establish domestic processing for separated light rare earth elements. Under the TIA, the Department of Defense (the “DoD”) will contribute $9.6 million towards MP Materials’ Stage II optimization efforts.
MP Materials is the only North American rare earths producer with the ability to source and process these critical components, including light rare earths, in the U.S. These elements are fundamental to numerous defense and commercial applications, including magnets used in electric vehicle drivetrain motors and precision guided munitions. Given its importance to many advanced technologies, the market for separated rare earth elements is expected to see significant growth.
“Our mission is to restore the full rare earth supply chain to the United States of America,” said James Litinsky, Chairman and CEO of MP Materials Corp. “Our ability to successfully move downstream into separated rare earth production is important for economic and national security, and we are very humbled by the strong support from the Department of Defense.”
Litinsky continued, “MP Materials has a detailed execution roadmap to fulfill its mission. We look forward to continuing our various efforts with the DoD as we build a broader enterprise critical for American industrial leadership in key areas of infrastructure and sustainability for the 21st Century.”
About MP Materials
MP Materials Corp. (NYSE: MP) is the largest producer of rare earth materials in the Western Hemisphere. With over 270 employees, the Company owns and operates Mountain Pass, an iconic American industrial asset, which is the only rare earth mining and processing site of scale in the Western Hemisphere and currently produces approximately 15% of global rare earth content. Separated rare earth elements are critical inputs for the magnets that enable the mobility of electric vehicles, drones, defense systems, wind turbines, robotics and many other high-growth, advanced technologies. MP Materials’ integrated operations at Mountain Pass uniquely combine low production costs with best-in-class environmental standards, thereby restoring American leadership to a critical industry with a strong commitment to sustainability. More information is available at https://mpmaterials.com/.
Forward Looking Statements
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