MP - MP Materials nabs $35M DoD heavy rare earth processing contract

MP Materials (MP +1.9%) received a $35M contract through the U.S. Department of Defense Industrial Base Analysis and Sustainment Program for supporting the construction of a commercial scale processing facility for heavy rare earth elements (HREE) t Mountain Pass. HREEare essential inputs to many critical defense and commercial technologies, particularly permanent magnets instrumental to the performance of electric vehicles, wind turbines, drones, and missile systems. The ability to process HREEs alongside light rare earth elements will enable MP Materials to extract and refine all rare earths required to manufacture high-performance permanent magnets. To meet growing magnetics demand and promote supply chain resiliency, MP Materials' processing facilities at Mountain Pass will accept qualified third-party feedstock and end-of-life magnets, in addition to processing the ore extracted from and beneficiated at Mountain Pass.

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MP Materials nabs $35M DoD heavy rare earth processing contract