{
  "event": {
    "id": "evt-us-dod-mp-2025",
    "date": "2025-07-10",
    "jurisdiction": "us",
    "issuingBody": "Department of Defense",
    "titleOriginal": "DoD–MP Materials public-private partnership for rare earth magnet supply",
    "titleOriginalLang": "en",
    "titleEn": "DoD–MP Materials public-private partnership for rare earth magnet supply",
    "titleEnSource": "na",
    "documentNumber": null,
    "policyStatus": "active",
    "mechanism": [
      "funding",
      "offtake_agreement",
      "stockpiling"
    ],
    "affectedMaterialIds": [
      "rare-earth-elements",
      "neodymium",
      "praseodymium",
      "ndfeb-magnets"
    ],
    "affectedSectors": [
      "defense",
      "energy",
      "industrial"
    ],
    "summary": "DoD agreed to buy $400M of newly created MP Materials preferred stock plus a 10-year warrant at $30.03/share, positioning it to become the largest shareholder (~15%); added a $150M loan, a 10-year NdPr price floor of $110/kg, and a 10-year magnet offtake commitment, to build domestic separation and magnet capacity at Mountain Pass and a second magnet plant.",
    "analyticalSignificance": "Marks a shift to direct US equity-and-price-floor industrial policy in rare earths, explicitly to reduce dependence on China; read as the US emulating state-backed models it long avoided.",
    "supersededByEventId": null,
    "sourceIds": [
      "src-dod-mp-transaction-agreement-2025",
      "src-osc-mp-loan-2025",
      "src-mp-dod-2025",
      "src-fortune-dod-mp",
      "src-mp-10q-2025-q3",
      "src-mp-10k-2025",
      "src-mp-10q-2026-q2"
    ],
    "verificationStatus": "verified",
    "intakeMode": "backfill",
    "lifecycle": {
      "officialPublicationDate": "2025-07-10",
      "discoveredAt": null,
      "verifiedAt": null,
      "publishedAt": null
    }
  },
  "framing": [
    {
      "id": "fc-us-dod-mp-natsec",
      "eventId": "evt-us-dod-mp-2025",
      "actor": "us",
      "category": [
        "national_security"
      ],
      "quoteOriginal": "Rebuilding the critical minerals and rare earth magnet sectors of the U.S.",
      "quoteEn": "Rebuilding the critical minerals and rare earth magnet sectors of the U.S.",
      "quoteEnSource": "na",
      "sourceId": "src-fortune-dod-mp",
      "notes": "Stated rationale of the DoD–MP Materials partnership as reported by Fortune; frames the equity-and-offtake deal as defense-industrial base rebuilding."
    }
  ],
  "sources": [
    {
      "id": "src-dod-mp-transaction-agreement-2025",
      "title": "MP Materials Corp., Form 8-K (Transaction Agreement with the Department of Defense)",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000119312525157310/d43796d8k.htm",
      "language": "en",
      "datePublished": "2025-07-10",
      "dateAccessed": "2026-10-03",
      "sourceType": "other",
      "confidence": "primary",
      "notes": "The binding disclosure of the DoD deal terms, filed with the SEC. Read in full 2026-08-12 (EDGAR returns 403 without a declared user agent). Confirms verbatim: the Transaction Agreement was entered into on 9 July 2025 (the 'Effective Date'); a commitment for a $150 million loan to support expansion of heavy rare earth separation, to be extended by DoD within 30 days following closing; a quarterly payment per kilogram of NdPr equal to the shortfall between $110 per kg and the benchmark quarterly average price; a 10-year offtake agreement for magnet production from the 10X Facility; and a warrant issued to DoD. Source type 'other' follows the convention used for src-mp-dod-2025 (company document rather than a government instrument), but this is the filed agreement disclosure rather than a press release. Note the event is dated 2025-07-10, the announcement date, while the agreement's effective date is 2025-07-09. Rebuilt 2026-08-12 after the record was lost to an accidental working-tree revert; re-verified against the filing. Full original filing reread on 3 October 2026 for the 10X lifecycle review; the reporting date is not treated as a construction commencement date."
    },
    {
      "id": "src-osc-mp-loan-2025",
      "title": "Office of Strategic Capital Announces First Loan Through DoD Agreement With MP Materials to Secure Critical Materials Supply Chain",
      "publisher": "U.S. Department of Defense, Office of Strategic Capital",
      "url": "https://www.war.gov/News/Releases/Release/Article/4270722/office-of-strategic-capital-announces-first-loan-through-dod-agreement-with-mp/",
      "language": "en",
      "datePublished": "2025-08-10",
      "dateAccessed": "2026-09-23",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "OSC release recording the execution of the $150M loan contemplated by the July 2025 DoD agreement, the office's first direct loan. war.gov returns HTTP 403 to automated clients; the body text was read in full in a browser on 2026-09-23. It states that the funding for the loan comes from the One Big Beautiful Bill Act, which provides OSC with $500 million of credit subsidy funding, creating up to $100 billion in available loan funds for critical minerals production and related industries and projects. The loan's rate and term come from the MP Materials Form 8-K (src-dod-mp-transaction-agreement-2025)."
    },
    {
      "id": "src-mp-dod-2025",
      "title": "MP Materials announces transformational public-private partnership with the Department of Defense",
      "publisher": "MP Materials",
      "url": "https://mpmaterials.com/news/mp-materials-announces-transformational-public-private-partnership-with-the-department-of-defense-to-accelerate-u-s-rare-earth-magnet-independence/",
      "language": "en",
      "datePublished": "2025-07-10",
      "dateAccessed": "2026-06-13",
      "sourceType": "other",
      "confidence": "primary",
      "notes": "Company press release setting out the DoD–MP Materials deal terms (preferred stock, warrant, loan, NdPr price floor, magnet offtake). Source type recorded as 'other' (company announcement)."
    },
    {
      "id": "src-fortune-dod-mp",
      "title": "Rare earths magnets: MP Materials stock surge, landmark deals",
      "publisher": "Fortune",
      "url": "https://fortune.com/2025/08/12/rare-earths-magnets-mp-materials-stock-surge-landmark-deals-trump-apple/",
      "language": "en",
      "datePublished": "2025-08-12",
      "dateAccessed": "2026-06-13",
      "sourceType": "news",
      "confidence": "secondary",
      "notes": "Reporting on the DoD/MP Materials partnership and subsequent deals."
    },
    {
      "id": "src-mp-10q-2025-q3",
      "title": "MP Materials Corp. Form 10-Q for the quarterly period ended September 30, 2025",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000180136825000054/mp-20250930.htm",
      "language": "en",
      "datePublished": "2025-11-07",
      "dateAccessed": "2026-10-03",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Binding quarterly filing of the recipient, read in a browser on 2026-09-23 (EDGAR refuses automated clients without a contact header). States that the banks' Commitment Letter \"expired undrawn on its own terms on August 26, 2025, as it was reduced on a dollar-for-dollar basis upon the Offering ... and the Company's execution of the Revolving Credit Facility\", and that in August 2025 the Company issued the $150 million Samarium Project Loan note to the DoW. It supports financing facts it states directly and is attributed to the company, not to the government. Full original filing reread on 3 October 2026 for the 10X lifecycle review; the reporting date is not treated as a construction commencement date."
    },
    {
      "id": "src-mp-10k-2025",
      "title": "MP Materials Corp. Form 10-K for the fiscal year ended December 31, 2025",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm",
      "language": "en",
      "datePublished": "2026-02-26",
      "dateAccessed": "2026-09-23",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Binding annual filing of the recipient, read in a browser on 2026-09-23. Reports the July 2025 public offering (13,590,908 shares, net proceeds $724.2 million), the Samarium Project Loan note issued in August 2025, \"funds received from the DoW Transactions\", and 400,000 Series A preferred shares issued in 2025 and outstanding at December 31, 2025. It does not mention the $350 million Funding Allocation or say whether any additional preferred stock was sold to the DoW."
    },
    {
      "id": "src-mp-10q-2026-q2",
      "title": "MP Materials Corp. Form 10-Q for the quarterly period ended June 30, 2026",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000180136826000048/mp-20260630.htm",
      "language": "en",
      "datePublished": "2026-08-07",
      "dateAccessed": "2026-10-03",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Binding quarterly filing of the recipient, read in a browser on 2026-09-23. Note 12: \"In July 2025, the Company issued 400,000 shares ... to the DoW for cash consideration of $400.0 million.\" Note on debt: the Samarium Project Loan \"bears interest at a fixed rate of 5.38% per annum\". Note 3 and MD&A: the Price Protection Agreement commenced on October 1, 2025; PPA income of $59.9 million for the six months to June 30, 2026 and a PPA income receivable of $17.6 million ($51.0 million at December 31, 2025). The 10X Facility is in Northlake, Texas, on a 120-acre site bought in April 2026, where construction is \"currently underway\". It refers to the Department of Defense as the Department of War. Full original filing reread on 3 October 2026 for the 10X lifecycle review; the reporting date is not treated as a construction commencement date."
    }
  ]
}