MP Materials signs long-term aerospace and defense supply deal

MP Materials has entered into a significant long-term supply agreement with an unnamed U.S. aerospace and defense customer. The contract involves the supply of separated gadolinium, one of the 17 rare-earth metals.

This deal is expected to expand the company’s heavy rare-earth elements (HREE) product portfolio and provide revenue diversification. The announcement follows a period of growth for the company, which recently reported that NdPr oxide and metal sales accounted for 87% of its second-quarter revenue.

This agreement builds on existing partnerships, including a $500 million deal with Apple for recycled rare-earth magnets and previous collaborations with the U.S. Department of Defense.