- MP Materials and General Motors simultaneously announce a
definitive supply agreement commencing in late 2023 to produce rare
earth alloy and magnets for GM’s EV programs
- The facility will create approximately 150 skilled jobs and
approximately 1,300 indirect jobs
- MP Materials’ Texas magnetics facility will source materials
from Mountain Pass, California, and produce magnets powering
approximately 500,000 EV motors per year, with potential to
scale
- The facility is a substantial component of a $700 million
investment MP Materials will make to fully restore the U.S. rare
earth magnetics supply chain over the next two years
- Integrated recycling and leading environmental capabilities
will deliver world class sustainability to support the energy
transition
MP Materials Corp. (NYSE: MP) today commemorates the start of
construction at its first rare earth metal, alloy, and magnet
manufacturing facility, located in Fort Worth, Texas. The
first-of-its kind U.S. facility is a substantial component of a
$700 million investment the company will make over the next two
years to fully restore the U.S. rare earth magnetics supply chain.
The project will create around 150 high-skill jobs and 1,300
indirect jobs and is located in Hillwood’s 27,000-acre, mixed-use
development, AllianceTexas.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220421005098/en/
MP Materials U.S. Rare Earth Magnetics
Factory (Photo: Business Wire)
In parallel, MP Materials and General Motors (NYSE: GM) are
co-announcing a definitive supply agreement to produce alloy and
magnets for GM’s EV programs. The definitive supply agreement
solidifies the terms of a binding agreement announced by MP
Materials and GM in December. Under the long-term agreement, MP
Materials will supply U.S.-sourced and manufactured rare earth
materials, alloy, and finished magnets for the electric motors in
more than a dozen models using GM’s Ultium Platform, with a gradual
production ramp that is expected to begin in late 2023, starting
with alloy.
MP Materials’ Fort Worth facility will have the capacity to
produce approximately 1,000 tonnes of neodymium-iron-boron (NdFeB)
magnets per year, supporting the production of approximately
500,000 EV traction motors, with room to scale. In addition to EVs,
NdFeB magnets are critical inputs to robots, wind turbines, drones,
defense systems, and many other high-growth technologies. Adamas
Intelligence, an independent research firm, forecasts that global
demand for NdFeB magnets will triple by 2035 on the back of rising
demand for EV traction motors, wind power generators, energy
efficient consumer appliances, and more.
In February, the Department of Defense awarded MP Materials $35
million to refine and separate heavy rare earth elements at the
company’s Mountain Pass, California, rare earth materials
production facility. MP’s Texas magnetics factory will source
refined feedstock from Mountain Pass and transform it into finished
products, delivering an end-to-end supply chain, including mining
and refining, metal, alloy, and magnet manufacturing, and
recycling.
Mountain Pass is a closed loop, zero-discharge facility with a
dry tailings process that recycles more than 1.7 billion liters of
water per year. To optimize for efficiency and sustainability,
byproduct generated from alloy and magnet manufacturing will be
recycled in a closed loop to every extent possible.
James Litinsky, Founder, Chairman, and Chief Executive
Officer, MP Materials
“Bringing magnetics capabilities home is transformational for MP
Materials and America’s supply chains. I am very proud that after a
series of executive orders spanning multiple presidential
administrations MP Materials is leading the restoration of the full
supply chain and the revitalization of the American manufacturing
spirit in our sector.”
Anirvan Coomer, Executive Director, Global Purchasing &
Supply Chain, General Motors
"The new MP Materials magnetics facility in Fort Worth, Texas,
will play a key role in GM’s journey to build a secure, scalable,
and sustainable EV supply chain. As the foundational automotive
customer of the Fort Worth facility, GM will use the products from
this plant in the GMC HUMMER EV, Cadillac LYRIQ, Chevrolet
Silverado EV, and more than a dozen models based on GM’s Ultium
platform. We also look forward to collaborating with MP Materials
from a public policy perspective to seek policies that are
supportive of the establishment of an efficient U.S.-based rare
earth and magnet supply chain."
Ross Perot Jr., Chairman, Hillwood and The Perot
Group
“Today is an exciting day for North Texas and our entire
country. MP Materials is not only bringing their state-of-the art
magnetics facility to AllianceTexas, but also reshoring important
next-generation manufacturing jobs to America. Securing and
developing rare earth materials is one of the most important
national security issues of our day, and we’re proud that
AllianceTexas can partner with MP Materials to play a key role in
America’s ability to power its future.”
The Honorable Ted Cruz, U.S. Senator for Texas
“The United States needs to do everything we can to end our
dangerous dependence on China for rare earth elements and critical
minerals across the entire supply chain. It is both significant and
important that MP Materials is going beyond mining and into
alloying and manufacturing, and I’m deeply proud of the role Texas
is playing in these projects.”
The Honorable Kay Granger, U.S. Representative for
Texas
"MP’s investment will bring hundreds of new jobs and millions in
economic growth to the TX-12 community. Rare earth materials are
crucial for many defense systems, and by producing these
much-needed magnets, this facility will reduce our dependence on
countries like China. For the sake of our national security, we
must continue to increase domestic rare earth production, and I’m
proud that we will do that right here in Fort Worth.”
The Honorable Michael Burgess, U.S. Representative for
Texas
“When it comes to solving the energy crisis facing our nation,
we need innovative and visionary solutions at the forefront. It is
exciting that Texas is able to welcome another energy provider
today with the groundbreaking of MP Materials’ new rare earth
alloying and magnet manufacturing facility. I hope you will join me
in welcoming MP Materials to our community.”
The Honorable Beth Van Duyne, U.S. Representative for
Texas
“Rare earth magnets are essential for U.S. economic and national
security, and it is vital to our national interest that we
manufacture these components at scale here at home. I applaud MP
Materials for building this landmark facility in Fort Worth, and
I’m pleased that Texas is at the forefront of restoring this
important supply chain back to America.”
The Honorable Marc Veasey, U.S. Representative for
Texas
“Rare earth magnets are critical to the energy transition and
security of the United States. It is essential we manufacture these
components in the United States from domestic materials sourced in
an environmentally responsible manner. The people of TX-33 are
prepared to support and lead this effort.”
The Honorable Greg Abbott, Governor of Texas
“Congratulations to MP Materials on the groundbreaking of their
new magnet manufacturing facility and engineering headquarters in
Fort Worth. This incredible investment will not only create more
than 100 new jobs for hardworking Texans, but will also bolster the
state’s supply chain in high-tech industries while solidifying
Texas as a mecca for advanced manufacturing and innovation. It’s
thanks to industry innovators like MP Materials that ‘Made in
Texas’ continues to be the most powerful global brand.”
The Honorable Mattie Parker, Mayor of Fort Worth
“This new MP Materials facility is an excellent fit for the
groundbreaking work being done at AllianceTexas, and it presents an
incredible opportunity to bring more advanced manufacturing jobs
home to the U.S. right here in Fort Worth. Our local, state, and
national economic and mobility goals require secure development of
rare earth magnets, and I am proud that Fort Worth will serve as a
center for our nation's focus on advancing this effort.”
About MP Materials
MP Materials Corp. (NYSE: MP) is the largest producer of rare
earth materials in the Western Hemisphere. The Company owns and
operates the Mountain Pass Rare Earth Mine and Processing Facility
in California, North America’s only active and scaled rare earth
production site. Separated rare earth elements are critical inputs
to the world’s most powerful and efficient magnets found in
electric vehicles, drones, defense systems, wind turbines and
various advanced technologies. The Company is developing U.S.
metal, alloy and magnet manufacturing capacity to build these
critical components domestically. More information is available at
https://mpmaterials.com/.
Join the MP Materials community on Twitter, Instagram and
LinkedIn.
Forward-Looking Statements
This press release contains certain statements that are not
historical facts and are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “expect,”
“anticipate,” “believe,” “seek,” “will,” “target,” or similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding the Company’s expected investment to restore
the rare earth supply chain in the United States, the expected
number of employees and jobs being created in connection with the
Company’s Forth Worth facility, statements regarding the long-term
agreement with General Motors and the Company’s ability and timing
to supply U.S.-produced NdFeB alloy and magnets. Such statements
are all subject to risks, uncertainties and changes in
circumstances that could significantly affect the Company’s future
financial results and business.
Accordingly, the Company cautions that the forward-looking
statements contained herein are qualified by important factors that
could cause actual results to differ materially from those
reflected by such statements. These forward-looking statements are
subject to a number of risks and uncertainties, including changes
in domestic and foreign business, market, financial, political and
legal conditions; uncertainty of the projected financial
information with respect to the Company; continued demand for NdFeB
magnets which may decrease materially in the future; risks related
to the Company’s long-term agreement with General Motors; the
Company’s ability to produce and supply NdFeB magnets to third
parties, including General Motors, is subject to a number of
uncertainties and contingencies; the impact of the global COVID-19
pandemic, on any of the foregoing risks; and those risk factors
discussed in the Company’s filings with the Securities and Exchange
Commission, including Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other
documents filed by the Company with the Securities and Exchange
Commission. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. The Company
does not intend to update publicly any forward-looking statements
except as required by law. In light of these risks, uncertainties
and assumptions, the forward-looking events discussed in this
earnings release may not occur.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220421005098/en/
Matt Sloustcher msloustcher@mpmaterials.com
Magellan Petroleum (AMEX:MPC)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Magellan Petroleum (AMEX:MPC)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
