Construction works have recently begun within Hillwood’s AllianceTexas, a 27,000-acre, mixed-use development in Fort Worth, Texas, for an MP Materials magnet facility, a $700 million project developed by the Las Vegas-based MP Materials Corp.
Upon completion, approximately in two years’ time, the 200,000 square foot MP Materials Magnet facility which has a planned production capacity of 1,000 tonnes of neodymium-iron-boron (NdFeB) magnets per annum will be the first rare earth magnet manufacturing plant of its kind to be built in the U.S.
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It will fully restore the rare earth magnetics supply chain of the U.S by producing alloy and NdFeB magnets, which are not only essential for building Electric Vehicles(EV) but also critical inputs for wind turbines, drones, robots defence systems, and several other advanced technologies.
While restoring the magnetics supply, the facility will also generate up to 150 high-skill jobs and 1,300 indirect jobs in this region. The facility will produce
MP Materials Magnet facility under a long-term supply agreement with General Motors
According to the company, the MP Materials Magnet facility is expected to begin production in late 2023, upon which it will start supplying magnets and other parts to be used for (General Motors) GM’s electric motors.
This arrangement is based on the long-term supply agreement between MP Materials Corp and GM, which was co-announced by the companies last December. Under this long-term supply agreement, the facility will supply GM with US-sourced and manufactured rare earth materials, alloy, and finished magnets for over a dozen EV models using GM’s Ultium Platform, with a gradual increase in production.
The Executive Director of General Motors, Anirvan Coomer, spoke in support of the new MP Materials magnetics facility in Fort Worth, and he mentioned that GM would make use of products from this plant to develop several EV models which include GMC HUMMER EV, Cadillac LYRIQ, Chevrolet Silverado EV, and over a dozen more models based on GM’s Ultium platform.
Coomer also said his company was looking forward to working with MP Materials on policies, which are supportive of establishing an efficient U.S.-based rare earth and magnet supply chain.
