MP Materials
An American rare-earth materials company operating the Mountain Pass mine and developing a domestic supply chain for magnets and other advanced materials.
Last updated October 5, 2026
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Overview
MP Materials Corp. is a United States-based rare-earth materials company headquartered in Las Vegas, Nevada. Its principal asset is the Mountain Pass mine and processing facility in San Bernardino County, California, described by the company and reference sources as the only operating rare-earth mine and processing facility in the United States. The deposit is a bastnäsite ore body containing commercially important rare-earth elements, especially neodymium and praseodymium, collectively known as NdPr. The company was formed around the acquisition and redevelopment of the Mountain Pass assets after the bankruptcy of Molycorp, the mine’s previous owner. MP Materials initially operated primarily as a producer of rare-earth concentrate, with downstream processing historically performed outside the United States. Its strategic objective has been to rebuild a more integrated American rare-earth supply chain, progressing from mining and concentrate production to separated oxides, metals, alloys, and neodymium-iron-boron permanent magnets. MP Materials became a publicly traded company through a business combination with Fortress Value Acquisition Corporation. The transaction closed in November 2020, and the company began trading on the New York Stock Exchange under the symbol MP. The listing gave the business capital to expand Mountain Pass and invest in downstream facilities while positioning it as a strategically important supplier for industries seeking alternatives to Chinese rare-earth processing and magnet production. The company’s main commercial focus is NdPr, a material used to manufacture high-strength permanent magnets. These magnets are important components in electric-vehicle traction motors, wind turbines, robotics, drones, defense systems, and other motion technologies. MP Materials has described its development program in three broad stages: producing rare-earth concentrate, separating and refining rare earths, and manufacturing metals, alloys, and finished magnets. Its downstream expansion includes the Independence facility in Fort Worth, Texas. In January 2025, MP Materials announced that the facility had begun producing NdPr metal. The company has also announced plans for expanded domestic magnet production, including the 10X Facility associated with a 2025 U.S. Department of Defense investment. In addition to its American operations, MP Materials has pursued commercial and supply-chain relationships with General Motors, Sumitomo Corporation, Ma’aden, and Apple. MP Materials operates in a sector shaped by industrial policy, trade restrictions, national-security concerns, and commodity-market volatility. The company has received support from the U.S. Department of Defense and Department of Energy as Washington has sought to reduce dependence on foreign sources, particularly China, for rare-earth separation and magnets. In 2025, the Department of Defense agreed to purchase preferred stock in MP Materials, while Apple announced a major investment connected to efforts to develop U.S. rare-earth magnet capacity. These arrangements strengthened the company’s role as a strategic American materials supplier, although its performance remains exposed to construction schedules, processing technology, customer concentration, rare-earth prices, and international trade policy.
History
The Mountain Pass deposit was discovered in 1949 in San Bernardino County, California. Its bastnäsite ore contains significant concentrations of rare-earth elements, and the mine became an important source of rare earths for the global market. The property was later operated by Molycorp, which filed for bankruptcy in 2015. At that point, Mountain Pass was the only U.S. producer of rare-earth elements, but the mine was placed in care and maintenance. During the bankruptcy process, Secure Natural Resources, an entity controlled by Molycorp creditors, obtained control of the mine’s mineral rights. In June 2017, MP Mine Operations LLC acquired the Mountain Pass assets at auction for $20.5 million. The entity was principally backed by JHL Capital Group and QVT Financial, with Shenghe Resources holding a minority, non-voting interest. The acquisition created the foundation for the corporate structure that became MP Materials. MP Materials restarted operations at Mountain Pass and initially concentrated on mining and producing rare-earth concentrate. The early business model depended on external processing, including a relationship in which Shenghe Resources was the sole purchaser of the company’s concentrate as of late 2020. This arrangement reflected the broader global concentration of rare-earth separation and refining capacity outside the United States. On July 15, 2020, MP Mine Operations and Secure Natural Resources announced a reverse-takeover transaction with Fortress Value Acquisition Corporation. The transaction closed on November 17, 2020, raising $545 million, and MP Materials began trading on the New York Stock Exchange the following day. The public listing provided capital for mine expansion and the company’s effort to move into downstream processing. Government policy became an important part of the company’s development. In 2020, the U.S. Department of Defense issued support intended to restore domestic heavy rare-earth production and separation, followed by a $9.6 million award. MP Materials also received $3 million from the Department of Energy in 2021 for design and feasibility work involving rare-earth oxides and metals derived from coal by-products, in collaboration with the University of Kentucky. In 2022, the Department of Defense announced a further $35 million investment to support heavy rare-earth processing. MP Materials expanded its commercial relationships as it developed downstream capabilities. In December 2021, it entered a long-term agreement with General Motors covering NdFeB magnet materials and finished magnets for electric vehicles, alongside plans for a Fort Worth magnet facility. In 2023, the company signed a supply-chain agreement with Sumitomo Corporation. Its operating strategy was increasingly described in three stages: concentrate production, separated and refined rare earths, and production of metals, alloys, and permanent magnets. The company’s downstream program advanced in January 2025 when it announced NdPr metal production at the Independence facility in Fort Worth. In 2025, MP Materials also announced agreements and investments involving Ma’aden, Apple, and the U.S. Department of Defense. The defense arrangement included $400 million of preferred stock and support for the 10X Facility, a proposed large-scale rare-earth magnet plant. Together, these developments marked a shift from a mine-centered business toward a broader materials platform intended to supply critical components for electric vehicles, defense equipment, renewable energy, robotics, and other advanced technologies.
- 2025
Independence facility starts NdPr metal production
[1]The company announced initial neodymium-praseodymium metal production at its Fort Worth facility.
- 2025
Defense investment and 10X Facility announced
[1]The U.S. Department of Defense agreed to purchase $400 million of preferred stock and support development of a new rare-earth magnet facility.
- 2021
General Motors supply agreement
[1]MP Materials agreed to supply GM with rare-earth magnet materials and finished magnets for electric vehicles.
- 2020
MP Materials becomes publicly traded
[1]The reverse takeover with Fortress Value Acquisition Corporation closed, raising $545 million; MP Materials began NYSE trading under MP.
- 2017
Mountain Pass acquired by MP Mine Operations
[1]MP Mine Operations LLC purchased the Mountain Pass assets at auction for $20.5 million and restarted the site’s operations.
- 2015
Molycorp files for bankruptcy
[1]Molycorp, the previous owner of Mountain Pass, entered bankruptcy and the mine was placed in care and maintenance.
- 1949
Mountain Pass deposit discovered
[1]A bastnäsite rare-earth deposit was discovered in San Bernardino County, California, establishing the resource that later became the Mountain Pass mine.
Products and positioning
An American strategic-materials producer seeking to restore an integrated domestic rare-earth mining, refining, metal, alloy, and permanent-magnet supply chain.
Mining and mineral concentrate · 2017
Mountain Pass rare-earth concentrate
The company’s primary upstream product is concentrate produced from bastnäsite ore at the Mountain Pass mine. It contains commercially valuable rare-earth elements and historically represented the first stage of MP Materials’ supply-chain strategy. The concentrate has been sold for further processing while the company develops domestic separation, metal, alloy, and magnet capabilities.
Separated rare-earth materials
Neodymium-praseodymium oxide
NdPr oxide is a refined rare-earth material used as an input for producing neodymium-praseodymium metal, alloys, and high-performance permanent magnets. MP Materials has pursued domestic separation and refining so that more of the material value chain can be completed in the United States rather than relying on overseas processors.
Rare-earth metal · 2025
NdPr metal
Neodymium-praseodymium metal is an intermediate used in the manufacture of NdFeB permanent magnets. MP Materials announced production of NdPr metal at its Independence facility in Fort Worth, Texas, in January 2025, representing a move beyond mining and concentrate production toward downstream materials manufacturing.
Permanent magnets
NdFeB permanent magnets
Neodymium-iron-boron magnets are high-strength permanent magnets used in electric-vehicle traction motors, wind turbines, robotics, drones, defense applications, and other motion technologies. MP Materials has developed domestic magnet-production plans and entered a long-term commercial arrangement with General Motors covering magnet materials and finished magnets.
Marketing campaigns
- 2021General Motors electric-vehicle magnet supply program
United States
MP Materials and General Motors announced a long-term arrangement intended to supply rare-earth alloy and finished NdFeB magnets for GM electric-vehicle motors.
Outcome. The agreement included plans for a new magnet facility in Fort Worth, Texas.
- 2020Restore the American rare-earth supply chain
United States
MP Materials positioned the restart of Mountain Pass and its downstream expansion as part of a broader effort to re-establish domestic production of rare-earth materials.
Outcome. The company progressed from concentrate production toward separated materials, metals, alloys, and planned permanent magnets.
Brand decisions
2025
Start NdPr metal production at IndependenceProduct launchBackground
MP Materials was advancing from mining and concentrate production into refined materials and magnet inputs.
Action taken
The company announced that its Fort Worth Independence facility had begun producing neodymium-praseodymium metal.
Aftermath
The announcement marked a further step toward a U.S.-based rare-earth materials chain.
2025
Accept strategic U.S. defense investmentStrategyBackground
The U.S. government sought to expand domestic rare-earth magnet capacity and reduce reliance on foreign supply chains.
Action taken
MP Materials announced that the Department of Defense would purchase $400 million of preferred stock and support construction of the 10X Facility.
Aftermath
The announced arrangement was expected to make the Department of Defense the company’s largest shareholder and support a new large-scale magnet facility.
Preferred-stock investment. $400 million (Announced July 2025)
2021
Move into domestic magnet productionStrategyBackground
The company sought to reduce dependence on overseas processing and capture more value from its rare-earth output.
Action taken
MP Materials signed a long-term agreement with General Motors and committed to developing a Fort Worth facility for alloy and finished magnet production.
Aftermath
The agreement linked MP Materials’ downstream expansion to the electric-vehicle supply chain.
2020
Reverse takeover and NYSE listingM&ABackground
MP Mine Operations and Secure Natural Resources sought public-market capital to restart and expand the Mountain Pass business.
Action taken
The entities merged with Fortress Value Acquisition Corporation. The transaction closed in November 2020, after which MP Materials began trading on the NYSE.
Aftermath
The transaction raised $545 million and gave MP Materials a public listing and additional capital for downstream development.
Capital raised. $545 million (Transaction closed November 2020)
Recent events
- 2025
Independence facility begins NdPr metal production[1]
Product launch · Product generation
MP Materials announced that its Fort Worth, Texas, Independence facility had started producing neodymium-praseodymium metal.
- 2025
MP Materials and Ma’aden agree to pursue a Saudi rare-earth supply chain[1]
M&A · Other
The companies entered an agreement to establish rare-earth supply-chain capabilities in Saudi Arabia.
- 2025
Apple announces a $500 million investment in MP Materials[1]
Other
Apple announced a $500 million investment in MP Materials amid efforts to expand non-Chinese rare-earth magnet capacity.
- 2025
U.S. Department of Defense agrees to invest in MP Materials and support the 10X Facility[1]
Other · Product launch
The Department of Defense agreed to purchase $400 million of preferred stock, making it the company’s largest shareholder under the announced arrangement, and supported construction of a new rare-earth magnet facility.
- 2022
MP Materials receives expanded U.S. defense support[1]
Other · Regulation
The U.S. Department of Defense announced a $35 million investment intended to support domestic heavy rare-earth processing.
- 2021
General Motors signs long-term rare-earth magnet agreement[1]
Other · Product launch
MP Materials agreed to supply General Motors with NdFeB magnet materials and finished magnets for electric vehicles and to build a magnet factory in Fort Worth, Texas.
- 2020
MP Materials completes public-company transaction[1]
M&A · Other
MP Materials completed its merger with Fortress Value Acquisition Corporation and began trading on the New York Stock Exchange under the ticker MP.
Sources3 sources
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