MP Materials produces rare earth metal in Texas
MP Materials expects to produce about 1,000 tonnes of finished neodymium-iron-boron (NdFeB) magnets a year.
Chinese industrial executives say the world’s supply of rare earth minerals will outstrip demand within five years, ending reliance on China’s exports.
Wang Hongquain, general manager of China Nonferrous Metal Industry’s Foreign Engineering and Construction Company (NFC), toldChina Daily more nations with large rare-earth deposits will resume exploration, which will lead to a global reallocation of the minerals.
