USA Rare Earth Announces $1.2 Billion South Carolina Magnet Plant to Expand U.S. Critical Minerals Supply Chain

USA Rare Earth ($USAR) said it will invest approximately $1.2 billion to build a rare earth metals and magnet manufacturing facility in Cherokee County, South Carolina. The project is expected to create about 490 jobs and expand U.S. production of neodymium-iron-boron (NdFeB) magnets and rare earth metals used in defense, semiconductors, AI, aerospace, and energy applications as the company scales its domestic supply chain.

• The facility is expected to produce 6,400 metric tons annually of NdFeB magnets and 5,000 metric tons of rare earth metals and alloys.
• Site work is expected to begin in the coming months, with commissioning targeted for 2028.
• The project complements USAR's Oklahoma magnet facility, which began commercial production in March 2026.
• USAR said combined domestic capacity is targeted to reach 10,000 metric tons annually of magnets and metals.
• Lobbying data shows USAR began federal lobbying activity in 2025, spending roughly $540,000 on efforts supporting the construction of U.S.-based rare earth mining and processing facilities.

Relevant Companies

• USA Rare Earth ($USAR) — The new facility significantly expands domestic magnet and rare earth metal production capacity.
• MP Materials ($MP) — Another major U.S. rare earth producer focused on building a domestic critical minerals supply chain.
• Duke Energy ($DUK) — The utility confirmed power delivery for the South Carolina manufacturing site.

Editor’s Note: This is a developing story. This article may be updated as more details become available.