HOUSTON, January 8th (Argus) - MP Materials, an American comprehensive rare earth producer, is considering Northlake, located near Fort Worth in Texas, as the site for its second magnet factory.
The company's senior vice president, Martin Sheehan, told Argus today: "Northlake is one of the final candidate communities for a long-term strategic investment."
"There has not been a final decision yet. We are still committed to collaborating with stakeholders to strengthen domestic production and ensure a critical future supply chain."
MP Materials is advancing plans to build a next-generation manufacturing plant, known as the "10X Factory", to increase the production capacity of American rare earth magnets. MP stated that this move is crucial for accelerating the independence of the US rare earth magnet supply chain, as rare earth magnets provide power for defense and commercial technologies.
The company's independent factory in Fort Worth has the capacity to produce 1,000 metric tons per year of neodymium iron boron magnets and has the ability to expand to 3,000 metric tons per year.
Once the 10X Factory is completed, it is expected to come online in 2028, and MP's total rare earth magnet manufacturing capacity will reach 10,000 metric tons per year.
The US Department of Defense has agreed to a 10-year purchase contract for MP Materials' neodymium-praseodymium products, with a minimum guaranteed price of $110 per kilogram.
