A company that makes powerful magnets for electric vehicles, semiconductors, satellites, smart phones, robots, MRI machines and more plans to invest $1.2 billion to open a factory in South Carolina.

Cherokee County will be the home of USA Rare Earth, Inc.’s first South Carolina operation, bringing 490 new jobs to the town of Blacksburg.

“South Carolina offered the workforce, the infrastructure and the partners we needed to move quickly,” CEO Barbara Humpton said in a statement. “With this investment, we’re bringing home the advanced manufacturing capabilities that America and its allies depend on, from the factory floor to the front lines.”

Wages for the jobs start at $24.50 per hour and top out at $63 per hour.

In exchange for its investment, South Carolina will provide USA Rare Earth with income tax credits worth $25,000 for each new job.

The county also approved property tax breaks for the company but details of the deal were not provided.

The company, headquartered in Oklahoma, has been on an expansion spree, buying out British rare earths metals and alloy producer Less Common Metals last September and purchasing a stake in French processing firm Carester in April. And it’s is in the process of buying a major rare earth element mine in Brazil, the Serra Verde Pela Ema mine.

It also has a research center in Colorado and took total control of a mine in Texas in March.

Much of the company’s expansion comes after the ​U.S. Commerce Department took a stake in USA Rare Earth in January, including up to $277 million in direct funding and up to $1.3 billion in loans.

The U.S. government has been investing heavily in rare earth processing in an effort to reduce dependence on imports from China. The U.S. relied on imports for 80% of its rare earth element demand in 2024, according to the latest report from the U.S. Geological Survey. Of that, 56% came from China.

“This project strengthens our nation’s future by reducing our dependence on China for critical rare earth minerals while bringing jobs, investment and opportunity to Cherokee County,” County Council Chairman Tim Spencer said in a statement.

The South Carolina plant will produce powerful neodymium-iron-boron magnets starting in April 2028.

“The company’s new operation in the Upstate will contribute to South Carolina’s position as a leader in critical sectors,” state Secretary of Commerce Harry Lightsey said in a statement.