MP Materials (NYSE: MP) Critical Minerals Exposure

MP Materials owns and operates Mountain Pass in California, the only active rare earth mine and processing site in the United States, and it is building the country's own supply chain for permanent magnets. Headquartered in Las Vegas, the company separates neodymium and praseodymium at Mountain Pass and makes magnets at its factory in Fort Worth, Texas. In 2025 it agreed a long-term partnership with the US Department of Defense to expand magnet production further.

MP Materials is linked to neodymium and praseodymium, the rare earths that make up most of the active material in neodymium-iron-boron magnets. Mountain Pass produces rare earth concentrate as well as separated NdPr oxide, and the Fort Worth factory turns that into magnets for electric vehicles, robotics, wind turbines and defence systems. The company is also adding the separation of heavy rare earths such as dysprosium and terbium.

Mountain Pass, in San Bernardino County, California, combines the open-pit mine, concentrator and separation plant in one place. MP Materials' magnet factory, Independence, is in Fort Worth, Texas, and a second magnet facility is planned as part of its agreement with the US Department of Defense.