MP Materials Selects Northlake, Texas, for $1.25 Billion “10X” Rare Earth Magnet Campus

MP Materials announced on February 26 that it has selected a 120-acre site in Northlake, Texas, to develop “10X,” its planned large-scale rare earth magnet manufacturing campus. The company expects to invest more than $1.25 billion and create more than 1,500 direct manufacturing and engineering jobs at the site.

10,000 metric tons of magnets

Located less than 10 miles from MP’s existing Independence facility in Fort Worth, the campus will produce neodymium-iron-boron (NdFeB) magnets. Once operational, it is expected to contribute to the company’s total production capacity of approximately 10,000 metric tons of NdFeB magnets per year. Engineering and equipment procurement is well underway, with commissioning set to begin in 2028.

Incentives

The State of Texas, Denton County and the City of Northlake approved an incentive package totaling roughly $200 million over more than a decade. It includes a Texas Enterprise Fund grant of $12,880,500 for the campus’ corporate operations and a Texas Semiconductor Innovation Fund grant of $53,457,500 for the manufacturing facility. The project also fulfills a key pillar of MP’s public-private partnership with the U.S. Department of War.

Quotes

James Litinsky, Founder, Chairman and CEO, MP Materials said:

“10X is about building industrial strength at a scale the United States has not seen in generations, and the exceptional talent and infrastructure in North Texas make it possible.”

Texas Governor Greg Abbott said:

“This Texas-sized investment by MP Materials in Northlake will create more than 1,500 corporate, manufacturing, and engineering jobs and dramatically expand domestic manufacturing of rare earth magnets to reduce reliance on foreign supply chains.”