Vulcan Elements picks North Carolina for $1B rare earth magnet plant

Vulcan Elements announced Tuesday it has selected Benson, North Carolina, as the location for its $1 billion rare earth magnet facility.

This month, Vulcan entered a $1.4 billion partnership with refiner ReElement Technologies and the US government to scale the companies’ development of a domestic rare earth magnet supply chain.

While China dominates the global rare earth industry, controlling the vast majority of the world’s rare earth processing and refining capacity, Vulcan’s vision is to provide domestic supply with pricing viable in the US market and beyond.

At its Benson location, Vulcan will expand to 10,000 metric tonnes of rare earth magnet manufacturing capacity and create 1,000 new American jobs, the company said, adding that the facility will be a critical asset for the US as it onshores the rare earth magnet industry and secures a supply chain.

“North Carolina is a natural home for Vulcan Elements’ next stage,” CEO John Maslin said in a news release. The company only entered the US rare earth magnet manufacturing race this year.

“We need to draw on world-class talent, innovation, and infrastructure as we secure one of the 21st century’s most important supply chains,” Maslin continued.

“We will tap into the region’s deep bench of experience across industries—from engineers and technicians who understand hardware and manufacturing to military veterans who have spent their careers managing complex supply chains, operating heavy machinery and serving their country.”

“Our investment in Vulcan Elements will accelerate US production of rare earth magnets for American manufacturers,” US Secretary of Commerce Howard Lutnick said in the release. “We are laser-focused on bringing critical mineral and rare earth manufacturing back home, ensuring America’s supply chain is strong, secure and perfectly reliable.”