USA Rare Earth to Build $800M Rare Earth Magnet Facility in SC

Key Highlights

• USA Rare Earth to build an 800,000 sq ft rare earth magnet manufacturing facility in Blacksburg, SC.
• The facility is expected to create approximately 490 high-skill, high-wage jobs.
• The project involves an estimated investment of $800 million.
• The lease agreement is for an initial term of 20 years with two 10-year extension options.
• The company entered into a Fee-in-Lieu of Ad Valorem Taxes and Incentives Agreement with Cherokee County.
• The facility aims for a production capacity of 6,400 metric tons per annum (tpa) of NdFeB rare earth magnets and 5,000 tpa of strip-cast, metal and alloy.