MP Materials Up 10% After Supply Agreement with GM
09 Dezembro 2021 - 12:20PM
Dow Jones News
By Michael Dabaie
MP Materials Corp. shares were up 10% to $48.41 in early trading
after the company said it will build its initial rare earth metal,
alloy and magnet manufacturing facility in Fort Worth, Texas, and
entered a long-term agreement with General Motors Co.
The deal with GM is to 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 begins in 2023.
MP Materials said it will develop a 200,000-square-foot
greenfield metal, alloy and neodymium-iron-boron magnet
manufacturing facility in Fort Worth, which also will serve as the
business and engineering headquarters for its growing magnetics
division.
The facility will produce alloy and magnets with the potential
to power about 500,000 EV motors and supply more than a dozen
models using GM's Ultium Platform, the company said.
The facility also will supply NdFeB alloy flake to other magnet
producers to help develop a diverse and resilient U.S. magnet
supply chain, MP Materials said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 09, 2021 10:05 ET (15:05 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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