First Domestic Rare Earth Metal/Magnet Facility Scheduled to Open in Stillwater, Oklahoma
As the demand for rare earth metals continues to rise, China remains the top producer of any country worldwide, responsible for approximately 80% of total production. With nearly every developed country today reliant on China’s production of critical rare earth elements, USA Rare Earth LLC, the leading US supplier of critical materials, intends to change this statistic through a “vertically integrated supply chain for rare earth elements," the first of its kind in the Americas. A recent announcement from Gov. Kevin Stitt and the Oklahoma Department of Commerce confirms plans to solidify the United States' place in this monopolized market via a $100 million, state-of-the-art facility to begin construction in 2023.
Intended to reduce US dependence on foreign imports while strengthening the economy, the facility will primarily focus on converting rare earth oxides into metals, magnets, and other materials, in turn, contributing to a vast array of industries, including electric vehicles, mobile electronic devices, and military hardware. To achieve this monumental undertaking, USA Rare Earth LLC is utilizing their equity in the Round Top Mountain deposit located in Hudspeth County, Texas, to supply the necessary rare earth elements (RRE) to their new facility in Oklahoma. USA Rare Earth LLC also forecasts its commitment to research and development, citing a future relationship with Oklahoma State University as an invaluable resource for their ongoing success.