Vulcan Elements Inc. rare earth magnet manufacturing project is a planned industrial development in Benson, North Carolina. The project involves the construction of a magnet manufacturing facility with a total investment of approximately $918.1 million and is intended to expand production capacity while supporting employment growth in Johnston County.

The development is planned as a 1 million-square-foot facility and follows the company’s existing magnet manufacturing operations in Research Triangle Park. Once completed, the Benson facility is expected to operate at a significantly larger scale than the company’s current site. The plant will focus on the production of rare earth magnets, which are used in applications involving electric motors and precision motion systems, including electronics, robotics, electric vehicles, data centers, and defense-related technologies.

Other than the Benson rare earth magnet factory, the U.S. government is also focusing on the Oklahoma smelters plant in Inola is also taking shape.

Century Aluminum is expected to take a 40% stake in the planned $4 billion Oklahoma Smelters plant by Emirates Global Aluminum. The first primary aluminum plant to be built in the country in almost 50 years, the companies said on Monday. On the other hand, EGA will keep 60% stake of the announced plant. The companies did not reveal financial terms of the deal.

EGA had also said last year that it expected to invest around $4 billion to develop the project. With Century on board, the smelter’s planned capacity has been increased to 750,000 metric tons of aluminum per year. This is from the previous 600,000 tons previously which would more than double U.S. output of the metal. Construction of the smelter will start by year-end, with production to begin by the end of the decade. The companies also noted the project would create 1,000 permanent jobs at the site.

Capacity

The plant will produce up to 10,000 metric tons of Neodymium Iron Boron magnets each year. This expansion addresses rising demand in advanced manufacturing and strengthens the domestic magnet supply chain.

The state’s Economic Investment Committee approved a Job Development Investment Grant to support the project. Over 12 years, the project is expected to add about $2.6 billion to the state economy. The JDIG allows the company to receive up to $17.58 million if it meets annual job creation and investment targets.

Because Johnston County is a Tier 3 county, the state will allocate up to $5.86 million to the Industrial Development Fund – Utility Account for rural infrastructure. The state may also provide up to $250,000 for road improvements.

The project will create new administrative, engineering, and production jobs, with an estimated annual payroll of $81.9 million. Multiple state and local partners, including the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, Johnston County, and the Town of Benson, supported the project.

Vulcan Elements Partnership with the United States Government

Vulcan Elements recently announced a $1.4 billion partnership with the U.S. Government and ReElement Technologies to expand a fully domestic rare earth magnet supply chain. The agreement includes plans for a U.S.-based 10,000-metric-tonne magnet production facility and expanded recycling and processing of end-of-life magnets and electronic waste.

The expansion will receive federal and private funding, including a $620 million direct loan from the Office of Strategic Capital, $50 million from the Department of Commerce under the CHIPS and Science Act, $550 million in private capital, and an $80 million direct loan to ReElement Technologies. In exchange, the government will receive warrants in both companies and $50 million in equity in Vulcan Elements.

This project builds on a recently completed rare-earth magnet facility in Sumter County, South Carolina, contributing to a broader national effort to expand domestic magnet production.

Vulcan Elements’ Benson Rare Earth Magnet Factory – Factsheet

Project: Vulcan Elements domestic rare earth magnet facility expansion

Location: Benson, Johnston County, North Carolina

Investment: $918.1 million

Jobs Created: 1,000 new positions (administrative, engineering, and production roles)

Facility Size: 1 million square feet

Production Capacity: 10,000 metric tonnes of Neodymium Iron Boron magnets annually

Purpose: Expand domestic rare earth magnet production capacity; support growing demand in electronics, robotics, electric vehicles, data centers, and defense systems

Economic Impact:

Estimated annual payroll: $81.9 million

Job Development Investment Grant (JDIG) approved for 12 years

Projected state economic growth over 12 years: $2.6 billion

Potential JDIG reimbursement to company: up to $17.58 million

Tier 3 County Adjustment: Up to $5.86 million allocated to the Industrial Development Fund – Utility Account to support rural infrastructure

Additional State Support: Up to $250,000 anticipated for road improvements