The Pentagon announced Thursday that it will acquire a 15% stake in rare-earth mining company MP Materials as the United States seeks to avoid dependence on China for the critical elements of technology.
The multibillion-dollar agreement will enable MP Materials to drastically increase its output of lightweight magnets, critical components in the manufacturing of smartphones, jet engines, electric vehicles, and defense systems. The Nevada-based MP Materials is the only domestic producer of rare-earth minerals.
“This initiative marks a decisive action by the Trump administration to accelerate American supply chain independence,” MP Materials’ founder and Chief Executive James Litinsky said in a statement.
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