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Shares of MP Materials (NYSE: MP) exploded higher Thursday morning, up 8.8% as of 9:50 a.m. ET, after the rare-earth metals miner announced plans to build a factory for rare-earth magnets in the United States. The company also said it has signed a long-term agreement to supply General Motors (NYSE: GM) with magnets for its electric vehicles (EVs) .
Rare-earth magnets. Image source: Getty Images.
MP Materials plans to build its first rare-earth magnets factory in Fort Worth, Texas, and to supply it with raw materials from its mine in Mountain Pass, California.