Tech Insights - GM Strikes Deal With MP Materials to Secure Rare Earth Metal Deposits in the US

GM recently announced a partnership with MP Materials; a mining operator based in Las Vegas, to secure a long-term supply of rare earth materials, alloys, and finished magnets. These materials will be used in the production of EVs (electric vehicles) and support the company’s pledge to exclusively produce zero-emissions vehicles by 2035.

The deal will see MP Materials extract rare earth materials at its facility in Mountain Pass, California, and transform these into neodymium magnets and alloys at a production facility to be constructed in Fort Worth, Texas. This facility will have the capacity to produce 1,000 tons of magnets per year, according to GM; enough to support the production of 500,000 EVs annually.