MP Materials ($MP) was awarded a $35 million contract by the Department of Defense (DoD) on Feb 22, 2022, to design and build a facility to process heavy rare earth elements (HREE) at the company’s Mountain Pass, California production site.
This project will establish the first processing and separation facility of its kind for HREEs in support of both defense and commercial applications in the United States.
This award is part of DoD’s rare earth supply chain resiliency efforts, and directly supports the administration’s initiatives to strengthen America’s supply chains as outlined in Executive Order 14017, America’s Supply Chains. To date, DoD has invested over $100M in enhancing America’s rare earth supply chain resiliency as part of its commitments to expanding domestic rare earth element processing capabilities and capacity.
General Motors signed a long-term agreement with MP Materials in Dec 2021, for the supply of rare-earth materials, alloys and finished magnets used in the electric motors that are powering its growing number of electric vehicles (EVs).
In recent earnings,
Quarterly production and revenues climbed 10% and 135% year-over-year, respectively
2021 production of 42,413 metric tons represents highest annual primary rare earth production in U.S. history
Generated $135.0 million of Net Income in 2021; Adjusted EBITDA of $219.1 million increased 414% year-over-year
This project will establish the first processing and separation facility of its kind for HREEs in support of both defense and commercial applications in the United States.
This award is part of DoD’s rare earth supply chain resiliency efforts, and directly supports the administration’s initiatives to strengthen America’s supply chains as outlined in Executive Order 14017, America’s Supply Chains. To date, DoD has invested over $100M in enhancing America’s rare earth supply chain resiliency as part of its commitments to expanding domestic rare earth element processing capabilities and capacity.
General Motors signed a long-term agreement with MP Materials in Dec 2021, for the supply of rare-earth materials, alloys and finished magnets used in the electric motors that are powering its growing number of electric vehicles (EVs).
In recent earnings,
Quarterly production and revenues climbed 10% and 135% year-over-year, respectively
2021 production of 42,413 metric tons represents highest annual primary rare earth production in U.S. history
Generated $135.0 million of Net Income in 2021; Adjusted EBITDA of $219.1 million increased 414% year-over-year