USA Rare Earth Builds $1.2B Magnet Facility

USA Rare Earth selected Cherokee County, South Carolina, for a $1.2 billion facility to produce 6,400 metric tons of NdFeB magnets and 5,000 metric tons of refined rare-earth metals. The facility is expected online in 2028. The U.S. government invested $1.6 billion in the company through the CHIPS and Science Act.