USA Rare Earth to Build 1.2 Billion Dollar SC Plant
USA Rare Earth will invest 1.2 billion dollars to build a magnet and rare earth metals facility in South Carolina to boost domestic supply. The Cherokee County plant targets a 2028 commissioning to support defense and technology sectors while reducing reliance on Chinese materials.
USA RARE EARTH INC will invest $1.2 billion to build a magnet and rare earth metals facility in South Carolina. The June 2, 2026, announcement sent USA Rare Earth shares up 5.9% to $31.10 during the morning. This expansion secures a domestic supply chain for critical components used in electric vehicles, defense, and wind turbines.
### Boosting Domestic Magnet Capacity The plant in Cherokee County aims to produce 6,400 tonnes of neodymium-iron-boron magnets and 5,000 tonnes of rare earth metals annually. Commissioning is scheduled to begin in 2028, with site work starting in the coming months. This facility complements an existing site in Oklahoma to reach a total domestic capacity of 10,000 tonnes per year.
