HOUSTON, November 4th (Argus) - Vulcan Elements, an American startup company specializing in rare earth magnets, plans to build a magnet production facility with an annual capacity of 10,000 tons, focusing on recycling magnets and electronic waste.
Vulcan announced on Tuesday that the funds for the factory will come from a $620 million direct loan from the Department of Defense, $50 million from the US Department of Commerce, and $550 million from private capital.
Vulcan is collaborating with ReElement Technologies to process discarded magnets, electronic waste, and mined concentrates into high-purity rare earth oxides.
The US Department of Defense will receive warrants from Vulcan and ReElement, while the US Department of Commerce will receive a $50 million equity stake from Vulcan.
In August this year, Vulcan signed an agreement with Energy Fuels to supply praseodymium-neodymium oxide and dysprosium oxide for the production of magnets. The company also signed a purchase agreement for light and heavy rare earth oxides with ReElement.
