MP Materials Corp.

MP Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere. The company, headquartered in Las Vegas, Nevada, owns and operates the Mountain Pass Rare Earth Mine and Processing Facility in San Bernardino County, California, which is the only large-scale rare earth mining and processing site in North America. MP Materials also owns and operates the Independence Facility in Fort Worth, Texas, where it manufactures rare earth metal, alloy, and magnets. The Independence Facility produces and sells magnetic precursor products and began manufacturing neodymium-iron-boron (NdFeB) permanent magnets in December 2025. The company's operations are divided into two segments: Materials and Magnetics. The Materials segment handles upstream and midstream operations, primarily through Mountain Pass, a fully integrated mining and refining facility that produces refined rare earth oxides and related products. This segment's revenue primarily comes from selling neodymium-praseodymium (NdPr) oxide and metal, mainly to customers in Japan, South Korea, and other parts of Asia. Historically, the Materials segment generated most of its revenue from selling rare earth concentrate, typically to a distributor who then sold it to refiners in China. The Magnetics segment covers downstream magnet manufacturing and related operations, currently centered at the Independence Facility, a fully integrated metal, alloy, and magnet manufacturing plant. This segment started generating revenue from sales of magnetic precursor products to General Motors Company (GM) in the U.S. in the first quarter of 2025. On July 9, 2025, the company entered into agreements with the United States Department of War (DoW) to develop a U.S. rare earth magnet supply chain.