Pentagon Invests $400M in MP Materials for Magnets
Pentagon Invests $400M in MP Materials for Magnets

Pentagon Invests $400M in MP Materials for Magnets

News summary

The Pentagon has become the largest shareholder in MP Materials by investing $400 million in preferred stock as part of a multibillion-dollar public-private effort to boost U.S. rare earth magnet production. The investment will fund a new magnet manufacturing facility with a 10,000 metric ton capacity, expected to open by 2028, and upgrades at MP's Mountain Pass mine. The Department of Defense will guarantee prices and purchases for 10 years, ensuring a stable market for MP's products. This initiative aims to reduce U.S. reliance on China, which recently restricted rare earth exports, causing supply chain disruptions. The move is part of a broader U.S. strategy to secure critical minerals for defense and commercial industries. MP Materials' shares surged over 50% on the news, underscoring investor confidence in the strengthened domestic supply chain.

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