RTTNews | Dec 9, 2021 09:51AM EST

09:50 Thursday, December 9, 2021 (RTTNews.com) - Shares of MP Materials Corp. (MP) are gaining over 11% on Thursday morning after the company announced that it will build a magnet factory in Texas and has entered long-term supply agreement with General Motors (GM).

MP is currently trading at $49.22, up $5.06 or 11.46%, on the NYSE. The stock has traded between $23.18 and $51.77 in the 52 week period.

MP Materials announced that it will build its initial rare earth (RE) metal, alloy and magnet manufacturing facility in Fort Worth, Texas.

MP Materials will develop a 200,000 sq. ft. greenfield metal, alloy and neodymium-iron-boron (NdFeB) magnet manufacturing facility in Fort Worth, Texas, which will also serve as the business and engineering headquarters for its growing magnetics division, MP Magnetics.

The facility will produce NdFeB alloy and magnets with the potential to power approximately 500,000 EV motors and supply more than a dozen models using GM's Ultium Platform.

The company also announced that it has entered a binding, long-term agreement with General Motors to supply U.S.-sourced and manufactured rare earth materials, alloy and finished magnets for the electric motors in more than a dozen models using GM's Ultium Platform, with a gradual production ramp that begins in 2023.

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