USA Rare Earth, Inc. has entered into two material agreements to support the development of a new specialty rare earth magnet manufacturing facility in Cherokee County, South Carolina. The project is expected to involve an investment of approximately $800 million and create an estimated 325 new jobs.
Key Details
- Lease Agreement: The company signed a 20-year lease for a to-be-constructed 800,000 square foot facility on a 129.9-acre site in Blacksburg, SC. The agreement includes two 10-year extension options.
- Incentives Agreement: An agreement with Cherokee County, SC, provides economic incentives, including a fee-in-lieu of ad valorem taxes arrangement for up to 40 years. This is contingent on the company investing a minimum of $400 million in the project over an eight-year period.
- Strategic Investment: The facility will serve as the company's primary rare earth magnet manufacturing plant, supporting specialty manufacturing, warehousing, and distribution. The agreements were both entered into on June 1, 2026.