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| MP Materials |
US Aims to Reduce Reliance on China for Rare Earth Magnets
MP Materials has started commercial production of neodymium-praseodymium (NdPr). Furthermore, they initiated trial production of neodymium-iron-boron (NdFeB) magnets. This occurred at their Independence facility in Fort Worth, Texas. Consequently, the US strengthens its rare earth supply chain.
Specifically, MP Materials anticipates producing roughly 1,000 metric tonnes (t)/yr of NdFeB magnets. Production will gradually increase, starting in late 2025. Moreover, MP will supply finished magnets to General Motors and other manufacturers. This step is crucial for domestic manufacturing.
Historically, China dominated the rare earth market. In 2020, China accounted for about 90% of related metal refining. Also, they controlled 92% of global NdFeB magnet and alloy manufacturing. Consequently, the US is striving to diversify its sources.
According to a 2022 Department of Energy study, US consumption of NdFeB magnets will surge. Indeed, it will more than double to 37,000t by 2030. Furthermore, it will more than quadruple to 68,600t by 2050. Therefore, domestic production is vital.
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