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USA Rare Earth ($USAR) said it will invest approximately $1.2 billion to build a rare earth metals and magnet manufacturing facility in Cherokee County, South Carolina. The project is expected to create about 490 jobs and expand U.S. production of neodymium-iron-boron (NdFeB) magnets and rare earth metals used in defense, semiconductors, AI, aerospace, and energy applications as the company scales its domestic supply chain.The facility is expected to produce 6,400 metric tons annually of NdFeB magnets and 5,000 metric tons of rare earth metals and alloys.Site work is expected to begin in the coming months, with commissioning targeted for 2028.The project complements USAR's Oklahoma magnet facility, which began commercial production in March 2026.USAR said combined domestic capacity is targeted to reach 10,000 metric tons annually of magnets and metals.Lobbying data shows USAR began federal lobbying activity in 2025, spending roughly $540,000 on efforts supporting the construction of U.S.-based rare earth mining and processing facilities.Relevant CompaniesUSA Rare Earth ($USAR) — The new facility significantly expands domestic magnet and rare earth metal production capacity.MP Materials ($MP) — Another major U.S. rare earth producer focused on building a domestic critical minerals supply chain.Duke Energy ($DUK) — The utility confirmed power delivery for the South Carolina manufacturing site.Editor’s Note: This is a developing story. This article may be updated as more details become available.