MP Materials (MP) Partners with Department of Defense

MP Materials Corp. (NYSE:MP) is one of the 12 Best Performing Stocks in the Last 6 Months. On July 10, MP Materials Corp. (NYSE:MP) announced a major partnership with the United States Department of Defense to significantly accelerate the build-out of an end-to-end US supply chain for rare earth magnets. The aim of this partnership is to reduce reliance on foreign sources.

With the help of a multibillion-dollar package of investments and long-term commitments from the Department of Defense, MP Materials Corp. (NYSE:MP) will build a second manufacturing facility. While the location has not been decided yet, this new facility will serve both commercial and defense customers.

This new facility, expected to start commissioning in 2028, will increase MP Materials Corp.’s (NYSE:MP) total US rare earth magnet manufacturing capacity to an estimated 10,000 metric tons.

Additionally, the company plans to add additional heavy rare earth separation capabilities at its facility in Mountain Pass, California. This facility will continue to be an important part of the US supply chain, where high-purity rare earth materials are extracted, separated, and refined all in one place.

MP Materials Corp. (NYSE:MP) is the only US company with capabilities spanning the entire rare earth supply chain, from mining to advanced metallization and magnet manufacturing. The company’s products support key industries like transportation, energy, robotics, defense, and aerospace.

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Disclosure: None. This article is originally published at Insider Monkey.