MP Materials Corp. MP

What this company does

MP Materials Corp., headquartered in Las Vegas, Nevada, owns and operates the Mountain Pass Rare Earth Mine and Processing Facility in San Bernardino County, California, and a rare earth metal, alloy and magnet manufacturing facility in Fort Worth, Texas, where it produces and sells magnetic precursor products and began manufacturing neodymium-iron-boron permanent magnets in December 2025. Its operations are organized into two reportable segments, Materials and Magnetics. The Materials segment covers the upstream and midstream operations, consisting primarily of Mountain Pass, a mining and refining facility that produces refined rare earth oxides and related products, and it generates revenue primarily from sales of neodymium-praseodymium oxide and metal to customers in Japan, South Korea and broader Asia. The Magnetics segment covers the downstream magnet manufacturing operations, consisting of the Independence Facility, a metal, alloy and magnet manufacturing plant, and it began generating revenue from sales of magnetic precursor products to General Motors Company in the United States in the first quarter of 2025. Since relaunching production at Mountain Pass in July 2017, the company has increased its full-time equivalent employee base from eight contractors in 2017 to 998 employees as of December 31, 2025, of which approximately 83% were field-based employees.

Written from the business description in MP Materials Corp. / DE's annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.