Rare earth metal, alloy and magnet manufacturing facility, US
Name of the Project
Rare earth metal, alloy and magnet manufacturing facility.
Location
AllianceTexas development in Fort Worth, Texas, in the US.
Project Owner/s
MP Materials.
Project Description
The project entails the development of an 18 581 m2 greenfield metal, alloy and neodymium/iron/boron magnet manufacturing facility, which will also serve as the business and engineering headquarters for MP Materials’ growing magnetics division, MP Magnetics.
The initial magnetics facility will produce an estimated 1 000 t/y of finished neodymium/iron/boron magnets, with the potential to power about 500 000 electric vehicle motors a year.
The neodymium/iron/boron alloy and magnets produced will also support other key markets, including clean energy, and electronic and defence technologies.
Potential Job Creation
The facility will create more than 100 skilled jobs.
Net Present Value/Internal Rate of Return
Not stated.
Capital Expenditure
Not stated.
Planned Start/End Date
Gradual production ramp-up is expected to begin in 2023.
Latest Developments
None stated.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
MP Materials media contact Matt Sloustcher, tel +1 725 233 0537 or email msloustcher@mpmaterials.com; or investor relations contact ir@mpmaterials.com.
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