US to Take $50m Stake in Vulcan Elements to Boost Mineral Supply

The US has agreed to give $50 million worth of incentives in exchange for equity in Vulcan Elements to purchase equipment to produce Neodymium Iron Boron magnets domestically, the Commerce Department says in a statement.

• The US arranged the deal as part of the CHIPS and Science Act in a non-binding preliminary letter of intent
• Vulcan intends to produce up to 10,000 metric tonnes of the magnets in the next several years, according to statement
• The Department of Defense has also provided a $700 million conditional loan commitment to Vulcan and ReElement Technologies to increase magnet production and bolster ...