HOUSTON, January 29th (Argus) - Cyclic Materials, a rare earth element recycling company headquartered in Canada, will expand its second US factory in McBee, South Carolina.
Cyclic will invest over 82 million US dollars to establish its second factory in the US, processing 600 metric tons of annual mixed rare earth oxides, and plans to expand to 1800 tons per year. Operations will commence in 2028.
The company's first factory is located in Ontario, Canada. The McBee factory will become the largest rare earth recycling production base of the company to date.
On January 23rd, Cyclic completed a round of 75 million US dollars in equity financing, with its total equity financing exceeding 162 million US dollars.
The McBee factory is close to Vacuumschmelze's (VAC) magnet manufacturing plant in Sumter, South Carolina. Cyclic has signed a 10-year exclusive agreement with VAC to recycle rare earths from magnet production.
Cyclic has invested 20 million US dollars in its factory in Mesa, Arizona, processing 25,000 tons of annual rare earth permanent waste. The company has signed an agreement with Solvay in La Rochelle, France, to further separate and purify the mixed rare earth oxides from the Ontario Hub factory.
