Texas Mineral Resources joint venture partner USA Rare Earth announced the development of the first fully integrated U.S.-based rare earth metal and sintered neo-magnet manufacturing facility, located in Stillwater, Oklahoma.
USA Rare Earth plans to invest more than $100 million in developing the manufacturing facility and will utilize its owned facilities and technology to convert rare earth oxides into metals, magnets and other specialty materials. In 2020, the company acquired the only sintered neo-magnet manufacturing equipment in the western hemisphere. The company plans to have the necessary operating permits for all metal, flake and magnet operations in 2022 with initial production to commence in 2023.
The primary focus for Texas Mineral Resources is to develop and commercialize, along with USA Rare Earth the Round Top heavy-rare earth, technology metals, and industrial minerals project located in Hudspeth County, Texas, 85 miles southeast of El Paso, in which TMRC owns a 20% interest and USA Rare Earth owns an 80% interest. Additionally, the company plans on developing other domestic mining projects in more traditional metals.