MP Materials (MPM), a company listed on the New York Stock Exchange, announced on the 10th that in order to accelerate domestic production of rare earth permanent magnets in the US and reduce the country's reliance on foreign supplies, the US Department of Defense (DOD) has established a landmark public-private partnership with it, providing billions of US dollars in various forms of funding support. As part of the agreement, the DOD will provide financing support to MPM and make long-term purchases of products from its 10X Facility. The 10X rare earth plant, which will commence trial production in 2028, will become the second magnet production plant in the US. Once operational, MPM's permanent magnet production capacity in the US will reach 10,000 mt per year, a scale crucial for US military and commercial technologies.