11:00 AM EDT, 04/01/2024 (MT Newswires) -- MP Materials ( MP ) said Monday it received a $58.5 million award to advance its construction of a rare earth magnet manufacturing facility in Fort Worth, Texas.

The company said it is presently producing magnet precursor materials in a North American pilot facility. MP expects to begin commercial production of precursor materials in Fort Worth this summer and finished magnets by late 2025, it said.

MP said it will supply the products to General Motors ( GM ) to support its North American production of electric vehicles.

MP shares were up 2.5% in recent trading.

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