What Happened
Rare Earth Mining Company Coordinates Drone Sector Demand
MP Materials has launched Project Swarm, an initiative to coordinate the demand for rare earth magnets in the drone sector. The company aims to create a domestic supply chain for these critical components, which are currently dominated by China. With the drone sector consuming an estimated 3,000 to 8,000 metric tons of rare earth magnets in 2025, MP Materials sees an opportunity to establish a strong and resilient supply chain. The company expects to invest $1.25 billion in its 10X magnet manufacturing campus in Texas, which will help increase its total U.S. NdFeB magnet capacity. This development was first reported by Metal Tech News.