Pentagon-Backed MP Materials to Start Rare Earths Plant in 2026

MP Materials Corp., in which the Pentagon took a stake earlier this year, will begin commissioning a heavy rare earths separation plant at its Mountain Pass project next year.

The new plant, at the forefront of US efforts to counter China’s dominance in the industry, will produce about 200 tons a year of dysprosium and terbium, two coveted rare earth metals that are used in high-performance magnets. The plant will be further expanded to produce other rare earths “over time,” and could take material from other suppliers, MP Materials said alongside its quarterly earnings on Thursday.

Production of light ...