MP Materials

MP Materials, owner of the Mountain Pass rare earth mining and processing site, agreed to merge with SPAC Fortress Value Acquisition Corp. The combined company will be listed on NYSE with an estimated equity value of $1.5 billion.

MP Materials began construction on a rare earth magnetics factory in Texas, part of a $700 million investment to restore the U.S. rare earth magnetics supply chain. The facility will create about 150 skilled jobs and supply magnets for GM's EV programs starting in late 2023.