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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.

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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.

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