Vulcan Elements Expands Rare-Earth Magnet Production

North Carolinas Vulcan Elements, backed by the Pentagon, plans to expand its rare-earth magnet production with a new plant near Benson, creating up to 1000 jobs by 2029. The state approved a $25 million incentives package, with local officials considering additional $94.9 million. This $1.4 billion federal deal for 10,000 metric tons of Neodymium Iron Boron magnets highlights the importance of securing a reliable domestic source for these essential components used in various technologies and defense systems. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.