The Pentagon has secured a significant stake in MP Materials, the sole operator of the Mountain Pass rare earth mine in the U.S. This follows a long-term deal that includes hundreds of millions in funding as well as $1 billion from major financial institutions for a new rare earth magnet manufacturing facility. The Department of Defense aims to ensure outcomes from the facility, with a price floor to protect profits for critical neodymium and praseodymium products. Rare earth metals, pivotal for electronics, are largely controlled by China, emphasizing the need for U.S. production capabilities.
The Pentagon has signed a long-term deal with MP Materials, investing hundreds of millions and facilitating $1 billion for a new facility dedicated to rare earth magnet manufacturing.
The Department of Defense has become the largest shareholder in the only active rare earth mine in the United States, highlighting the importance of these materials in modern technologies.
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