New magnetics factory in Fort Worth aims to help solve supply chain issues
FORT WORTH (CBSDFW.COM) - A core component for your next car or the power generated for your home could come from a factory that marked the start of construction on April 21 in Fort Worth.
MP Materials plans to manufacture rare earth metals and magnets in the facility off Alliance Gateway Freeway and Independence Parkway.
The location was noted by elected officials who attended the celebration, who see the development as part of a larger effort to return production of rare earth elements to the United States after decades of manufacturing largely in China.
MP already has a commitment for its magnets, announcing a final supply agreement Thursday with General Motors for rare earth materials to build electric motors for as many as 500,000 vehicles.
The magnets that will be produced by the company are also needed in wind turbines, drones, defense technologies, as well as consumer items like smartphones, speakers and appliances.
When the Fort Worth facility is operational in 2023, MP will have an end-to-end supply chain for rare earths. It owns the Mountain Pass mine in Eastern California, the only operating rare earth mine in the country.
"This is really the beginning of a magnetics industry in the United States of America," said company founder James Litinsky. "It just hasn't existed in the western world."
Elected officials in both parties have rallied behind support for developing rare earth technologies in the U.S. Both former President Donald Trump and President Joe Biden issued executive orders with a focus on rare earths.
Texas has also jumped on board, and a new mine is expected to open in far west Texas in 2023.
"I want you to remember being a part of today's conversation," Fort Worth Mayor Mattie Parker said Thursday to the team from MP. "Because right now in places like China and Russia, they're scared because of what you're doing."
The Fort Worth facility is expected to eventually create about 150 high-skilled positions when it opens in late 2023.
