MP Materials receives $58.5M for rare earth magnet manufacturing facility in north Fort Worth

The Las Vegas-based company is set to start production in America’s first fully integrated rare earth magnet manufacturing facility this summer.


The AllianceTexas facility will transform rare materials mined in Nevada into finished magnets. | Photo courtesy of MP Materials

America’s first fully integrated manufacturing facility could produce rare earth magnets by late 2025 — straight from Fort Worth.

MP Materials, a mining company headquartered in Las Vegas, currently owns and operates the only rare earth mining and processing site in North America.

The company recently received a $58.5 million award for the continued construction of the manufacturing facility in AllianceTexas, which began construction in April 2022.

The funding comes from a Department of Energy tax credit for projects that have an environmental and community impact.

But what is it?

Neodymium-iron-boron (NdFeB) magnets are the world’s most powerful and efficient permanent magnets,” the company said in a press release.

The green energy component is found in electric motors and generators for hybrid and electric vehicles, robots, wind turbines, critical defense systems + more.

MP Materials plans to start commercial production of precursor materials this summer + will provide finished magnets to General Motors for electric vehicle production.