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MP Materials (NYSE: MP) operates Mountain Pass in California — the only commercial-scale rare-earth mine and separation facility in the Western Hemisphere — together with a downstream Fort Worth, Texas magnet-manufacturing facility (Stage III, NdFeB metal → alloy → magnet) commissioning across 2024-2026.
DoD/DoW became MP's largest shareholder via a $400m convertible-preferred-equity investment plus warrant, closed 2025-07-11 (~15% as-converted/as-exercised per the deal's own press release). No other single holder is disclosed above 5% in the sources checked this pass. MP is not a subsidiary of any parent — publicly traded (NYSE: MP), incorporated Delaware; GLEIF confirms no parent relationship on file.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 1 supplier, 5 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
MP's self-described 'foundational customer' for Fort Worth (Independence). Binding long-term agreement Dec 2021, definitive supply agreement April 2022 for finished NdFeB magnets, alloy and NdPr metal for Ultium EV motors across 12+ models. GM paid a $50m initial prepayment (April 2024) and a final $50m magnetic-precursor prepayment; magnet ramp expected 2026. (Re-checked 2026-08-21: figures match MP's own disclosures.)
$500m multi-year agreement announced 2025-07-15 for US-made Fort Worth magnets from 100%-recycled feedstock, with a new recycling line at Mountain Pass; ~$200m prepaid. Shipments expected to begin 2027 — a forward commitment with nothing shipped yet, so it is revenue-relevant only from 2027. (Re-checked 2026-08-21: date, amount, feedstock and 2027 timing confirmed against MP's own release; prepayment split not independently re-confirmed this pass.)
July 2025 partnership: $400m preferred-equity investment (~15% as-converted, making DoD MP's largest shareholder), up to $350m more, a $150m heavy-REE separation loan, a 10-year $110/kg NdPr price floor (~2x market at signing), an offtake guarantee for 100% of the planned 7,000 t/yr Northlake TX 10X facility, and a $140m/yr EBITDA guarantee for 10 years post-completion. `related_party: false` because DoD is not under common control, but a customer that is simultaneously the largest shareholder and the price-floor guarantor is not an arm's-length third-party sale either — read the row with that caveat. No specific defense platform is contractually named; the F-35 linkage in press coverage is generic framing, not disclosed allocation. (Re-checked 2026-08-21: all figures confirmed verbatim against MP's own press release.)
Re-checked 2026-10-03: prior source_url (direct .htm filing document, accession 0001801368-26-000008) returned HTTP 403; replaced with the live SEC EDGAR 10-K filing list for CIK 0001801368, which lists that same accession (filed 2026-02-26) as the FY2025 10-K. Contracting entity per MP's own FY2025 10-K is 'Sumitomo Corporation of Americas', the US subsidiary — not the Tokyo-listed parent 'Sumitomo Corporation (TSE: 8053)'; corpus rule is verbatim legal-entity names from the primary source. The Feb 2023 Distribution Agreement's initial term (through end-2025, renewable annually) has since been extended: the FY2025 10-K states Sumitomo is the exclusive distributor of MP's NdPr oxide and NdPr metal to Japanese customers 'through the end of 2030'. Route: 'NdPr oxide and metal revenue consists of sales of NdPr oxide and metal produced at Mountain Pass under individual sales agreements, as well as sales under our distribution agreement with Sumitomo Corporation of Americas', and Sumitomo distributes that output 'to Japanese customers' — Mountain Pass, California (US) to Japan; amounts per customer not disclosed. Because it is a distributor, the Japanese end-customers behind this row remain undisclosed — the same is true of MP's South Korea/broader-Asia sales.
ENDED, and this is the most policy-legible counterparty event in the corpus. Per MP's Q1 2025 10-Q, Shenghe was the 'principal customer of the Materials segment' at more than 60% of Q1-2025 consolidated revenue (more than 80% in Q1-2024) — no share_pct is recorded here because the filing states floors, not exact figures, and a rendered '60%' would be a precision the source does not have. MP halted concentrate shipments to China on 2025-04-17 following China's April 2025 export controls (the 2025-04-04 action already linked in this dossier), ceased all China sales in Q3 2025, and the offtake agreement expired January 2026 unrenewed. Route per MP FY2024 10-K (accession 0001801368-25-000009, filed 2025-02-28, listed at the SEC EDGAR link above): rare earth concentrate from Mountain Pass (California) is principally sold under the Offtake Agreements to Shenghe, which typically sells that product to refiners in China; Shenghe was about 80% of FY2024 consolidated revenue.
Toll processor, not a materials supplier: converts MP's NdPr oxide to metal. A named third-country conversion dependency sitting outside both the US stack and China.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
2 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 982 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
Long-term agreement for U.S.-sourced and manufactured NdFeB rare-earth magnets from MP's Fort Worth, TX facility for Ultium EV motors, targeting ~500,000 EV motors/year capacity; no share_pct disclosed.
eVAC Magnetics (VAC Group) release on first magnets shipped from Sumter, South Carolina: its South Carolina facility sources key raw materials through a strategic partnership with MP Materials, which supplies neodymium-praseodymium (NdPr) feedstock from its Mountain Pass mine in California. Mine and magnet plant are both in the US, so the route is domestic US; no NdPr to VAC Hanau (DE) is stated. No volume or value disclosed.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 5 of its 5 materials — a restriction on those is a tailwind, not a headwind.
Dossier discloses a dysprosium, terbium or samarium material exposure directly — A61 §1(2) names Dy/Tb-containing NdFeB and SmCo magnets by element.
A61's suspension (Announcement 70) lapses 10 Nov 2026 — on the plain text, controls revive automatically. The US DoD CN/RU/IR/KP sourcing bar follows 1 Jan 2027. See the underlying extraterritorial export-control action. We supply the provenance file; we never compute your ratio for you.
As a producer, policy pressure across its produced materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇺🇸 US accounts for 22% of severity-weighted pressure. Regulatory focus shifted from 🇺🇸 US to 🇨🇳 CN in 2026Q3.