Mentioned:
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MP Materials is getting ready to pour more than a billion dollars into a new facility in Texas. But, why?
What’s happening:
- MP Materials (NYSE: MP) has selected a new site in Northlake, Texas to develop a large scale rare earth magnet manufacturing campus known as 10X
By the numbers:
- The new site in Northlake, Texas spans over 120 acres
- MP Materials has publicly stated they plan to commit $1.25B USD into developing the new manufacturing campus
Why it matters:
- This is the single largest commitment of capital MP Materials has ever made into scaling up their rare earth magnet production
Going deeper:
- MP Materials has publicly stated that they are anticipating their new 10X facility will eventually be able to produce 10,000 metric tonnes of NdFeB rare earth magnets
- Rare earth processing and magnet production that is not reliant on China has continued to come into focus in the public markets, including REalloys (NASDAQ: ALOY) just recently completing their reverse merge and becoming a publicly traded company on the Nasdaq
The fine print:
- MP Materials has not yet publicly stated when they expect their new 10X facility will be fully built and operational
