92% of the world’s magnets are made in China and are used in everything from headphones to protection technology.
FORT WORTH, Texas – The future of the U.S. supply chain for electric cars, drones and wind turbines could pass through Fort Worth.
MP Materials, based in Las Vegas, held a groundbreaking ceremony for the new site at the company’s Alliance, which will produce magnets.
“Rare earth magnets are something that really moves,” said Chairman James Litinsky.
MP Materials runs one of the world’s largest Mountain Pass rare earth mining in California.
Currently, most of the mining for rare earth materials and 92% of global magnetic production comes from China. Neodymium iron boron or NdFeB magnets are the strongest in the world and have no good substitute.
“These industries of the future are where our jobs and GDP will come from, so we need to make sure we have a complete supply chain here,” Litinsky said.
“Right now, they’re afraid of what you’re doing in places like China and Russia,” Fort Worth Mayor Mattie Parker said during the event.
Instead of just extracting materials, the MP will be able to separate them and produce 1,000 tons of magnets a year, which is only 1% of world production, but still enough to power half a million electric car engines. The company also announced a partnership to supply GM with magnets during Thursday’s event.
“We need to have energy independence with US-made renewable energy. Otherwise, we will put all our people at risk, “said Ross Perot Jr., chairman of the Perot Group.
“Most people would tell us you’re crazy. You can’t do that. You will never be able to compete with China, “Litinsky said. “Fast forward, we’re here.”
The facility near Independence Parkway will create 150 jobs and will be operational by the end of 2023. With the demand for magnets tripled by 2035, the hope is to start shifting more production to the United States.
“I think the lesson from our analogy is that America can compete,” Litinsky said. “I believe that this industry will be very large. This is really the beginning. “
Fort Worth facility to help with US magnetic supply chain problems
Source link Fort Worth facility to help with US magnetic supply chain problems