USA Rare Earth has dismissed a lawsuit filed by MP Materials, calling the claims “completely without merit” and arguing the case is an attempt to slow its growth. The company said it will deny all allegations that it improperly obtained confidential information from a former MP employee, according to Bloomberg.
The dispute underscores intensifying competition in the U.S. rare-earth sector, where both companies are racing to build domestic mining, processing, and magnet-production capabilities. USA Rare Earth said MP is trying to impede its progress as it develops the Round Top deposit in Texas and a magnet facility in Oklahoma.
Bloomberg writes that MP sued last month, alleging a coordinated effort by USA Rare Earth to recruit MP employees and misuse proprietary information. The lawsuit also questioned the viability of USA Rare Earth’s projects. MP declined to comment on the latest filing.
Hellbound and Down 