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MP Materials (MP) investor relations material
MP Materials Morgan Stanley Virtual National Security & Critical Materials Symposium summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Strategic partnerships and government engagement
Secured a landmark partnership with the Department of Defense, recognizing the company's vertical integration strategy and ability to scale the entire rare earth supply chain in the U.S.
The deal was driven by the need for national supply chain security amid rising geopolitical risks, especially with China.
Ongoing collaboration with the Department of Defense includes agreements for technology investment and heavy rare earth separation.
The company has invested $1 billion in private capital to rebuild U.S. rare earth capabilities since 2017.
Strong support from the current administration to resolve rare earth supply chain dependencies.
Project development and operational milestones
Heavy rare earth separation circuit at Mountain Pass is targeted for commissioning in mid-2026, designed to process both internal and third-party feedstocks.
Chloralkali facility improvements are underway to enhance cost efficiency and supply chain security.
Dedicated recycling circuit for Apple is being built, with broader recycling capabilities planned for post-industrial and post-consumer magnet waste.
Independence facility is set to begin commercial magnet production by year-end, with expansion to support Apple and a new greenfield 10X facility targeting 7,000 tons of magnets.
Site selection and team building for the 10X facility are progressing rapidly.
Supply chain strategy and market positioning
Focused on vertical integration from mining to finished magnets, enabling control over quality, cost, and supply security.
Ceased concentrate sales to China due to tariffs and strategic agreements, now prioritizing domestic and allied supply chains.
Recycling is a key growth area, with plans to internalize more production and reduce reliance on virgin materials.
The company is positioned to supply the U.S. rare earth needs, with a 6,000-ton run rate targeted by end of next year, not including recycling and other growth initiatives.
Partnerships with major customers like GM and Apple support risk-sharing and innovation in magnet production.
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