MP Materials Inks Rare Earths Deal With Mystery Automaker
The sole American producer of rare earth minerals said Thursday the agreement would supply neodymium-praseodymium oxide, a key material used to build motors, without providing additional details about the size of the contract. The deal is the latest sign that companies are racing to shore up supplies of rare earth materials that are critical to vehicles, consumer electronics and defense technology. MP Materials received a $400 million equity investment from the Pentagon last year to scale up production as part of the Trump administration’s sweeping efforts to onshore critical minerals.
The sole American producer of rare earth minerals said Thursday the agreement would supply neodymium-praseodymium oxide, a key material used to build motors, without providing additional details about the size of the contract. The deal is the latest sign that companies are racing to shore up supplies of rare earth materials that are critical to vehicles, consumer electronics and defense technology. MP Materials received a $400 million equity investment from the Pentagon last year to scale up production as part of the Trump administration’s sweeping efforts to onshore critical minerals.