Mentioned:
The United States of America wants to reduce their dependence on foreign countries for rare earth elements. And there’s a publicly traded company who is on the leading edge.
What’s happening:
- MP Materials (NYSE: MP) has officially begun commercial production of neodymium-praseodymium metal at their Independence Facility located in Fort Worth, Texas
Why it matters:
- Starting rare earth production at the Independence Facility marks a significant paradigm shift for restoring a fully integrated supply chain in America for rare earth magnets which have many critical applications including electric vehicles, robotics and drones
Going deeper:
- MP Materials has also begun trial production of neodymium-iron-boron magnets that are automotive grade at their Independence Facility
- A large portion of the initial rare earth magnets being produced by MP Materials will be supplied to General Motors (NYSE: GM)
The intrigue:
- China has been increasingly limiting their exportation of minerals and metals to other countries of late, including making waves with their complete restriction of exporting antimony to the United States of America
