USA Rare Earth announced a $1.2 billion investment to construct a rare earth magnet and metals facility in Blacksburg, South Carolina. The project aims to establish a domestic mine-to-magnet supply chain.
The facility targets an annual production of 6,400 tonnes of NdFeB permanent magnets. The company plans to commission the facility in 2028.
The move increases long-term competition for MP Materials. MP Materials currently maintains its market leadership through its operational Mountain Pass mine and Texas magnetics facility.