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PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
The Company’s property, plant and equipment consisted of the following:
September 30, 2026December 31, 2025
(in thousands)
Land and land improvements$136,179 $43,422 
Buildings and building improvements102,026 101,564 
Machinery and equipment923,554 756,202 
Assets under construction509,337 302,935 
Mineral rights438,395 438,395 
Property, plant and equipment, gross2,109,491 1,642,518 
Less: Accumulated depreciation and depletion(351,542)(272,701)
Property, plant and equipment, net$1,757,949 $1,369,817 
Additions to Property, Plant and Equipment: The Company capitalized expenditures related to property, plant and equipment of $471.8 million and $118.0 million for the nine months ended September 30, 2026, and 2025, respectively, including amounts not yet paid (see Note 21, “Supplemental Cash Flow Information”) and excluding equipment purchased with promissory notes (see Note 8, “Debt Obligations”). The capitalized expenditures for the nine months ended September 30, 2026 and 2025, related primarily to machinery, equipment and assets under construction to support both the Company’s Independence Facility and 10X Facility, as well as various projects at Mountain Pass, including the HREE Facility (as defined in Note 15, “Government Grants”) and the chlor-alkali facilities.
In April 2026, the Company purchased a 120‑acre site in Northlake, Texas, for approximately $80 million where construction of the 10X Facility is currently underway.
The Company’s depreciation and depletion expenses, net of amounts capitalized into inventory, were as follows:
For the three months ended September 30,For the nine months ended September 30,
(in thousands)2026202520262025
Depreciation expense
$22,434 $18,500 $62,552 $55,760 
Depletion expense$2,672 $3,580 $7,268 $7,748 
There were no property, plant and equipment impairments recognized for the three and nine months ended September 30, 2026 and 2025.