MP Materials Nears NdPr Target, Eyes GM Magnet Deliveries by Year-End

MP Materials is nearing targeted production levels for neodymium-praseodymium, or NdPr, oxide at its Mountain Pass facility while advancing commercial magnet deliveries for General Motors and expanding its downstream manufacturing footprint, Chief Financial Officer Ryan Corbett said during a Jefferies fireside chat. Corbett described MP Materials as the Western world’s largest rare earth materials producer and the only scaled producer of NdPr oxide in the Western Hemisphere. He said the company has built a vertically integrated platform spanning mining, rare earth separation and magnet manufacturing.

MP Materials brought separation capacity online at Mountain Pass near the end of 2023 and is producing roughly 1,000 metric tons per quarter of NdPr oxide, Corbett said. The company is targeting full run-rate capacity by the end of the year.

He said the remaining work in the debottlenecking program is centered on mechanical reliability and material movement as throughput rises, rather than unresolved chemical-process issues. “These are not sort of fundamental chemistry issues,” Corbett said. “These are very typical blocking and tackling for a facility of this scale.”

The company is also investing in a chlor-alkali facility and heavy rare earth separation capabilities at Mountain Pass. Corbett said MP Materials expects to produce dysprosium and terbium by year-end for internal use in its magnet business. In addition, MP Materials recently announced a long-term gadolinium contract. Corbett said the agreement reflects the broader opportunity to commercialize other rare earth materials produced at Mountain Pass, including samarium, europium and gadolinium.

MP Materials is targeting the start of commercial magnet deliveries to General Motors at the end of the year. Corbett said the company is progressing through the production part approval process, which involves integrating specific parts and production volumes into a customer’s manufacturing supply chain. He said MP Materials is already producing magnets that meet specifications and characterized the remaining process as supply-chain integration rather than product qualification.

The company is also building its next magnet manufacturing facility, referred to as “10X,” following a public-private partnership announced with the U.S. Department of Defense in July of last year.