Overview
- MP Materials will invest about $1.25 billion in a 120-acre Northlake, Texas campus expected to start production in 2028.
- The 10X site is designed to add roughly 7,000 metric tons of annual magnet output, lifting the company’s total capacity to about 10,000 tons.
- All 10X production is committed to the Pentagon for 10 years under a 2025 partnership that includes a roughly $400 million Defense Department stake and a $110/kg price floor for key oxides.
- Texas, Denton County, and Northlake approved an incentives package worth about $200 million for the project within Hillwood’s AllianceTexas development.
- MP reported a fourth-quarter profit aided by $51 million from its U.S. price-protection agreement, as it ramped Texas magnet production and halted China processing shipments.