HOUSTON, June 3rd (Argus) - USAR, an American rare earth developer, has chosen Cherokee County, South Carolina as the location for its rare earth metals and magnet manufacturing project. It will invest $1.2 billion out of the $3.5 billion in committed capital provided by federal and private funds.
The company announced on June 2nd that the facility will be located in the Bailey Industrial Park in Blacksburg, complementing the magnet base recently commissioned by USAR in Stillwater, Oklahoma.
The Blacksburg plant will produce 6,400 metric tons of rare earth magnets and 5,000 metric tons of metals and alloys annually.
Engineering work and equipment procurement are underway, and on-site work is expected to commence in the coming months. Commissioning is scheduled for 2028.
USAR executed the final agreement with the US Department of Commerce (DOC) on Wednesday, unlocking $1.6 billion in funds. The plan includes a $1.3 billion loan and $277 million in federal funds in exchange for the issuance of common stock and warrants to the US Department of Commerce.
The company stated that the total committed capital is approximately $3.5 billion, including $1.5 billion in private capital raised in January 2026.
