Chesterfield County Economic Development Director Libby Lear said in an interview that, in the first phase of the project, Cyclic would invest $38.5 million and add 58 jobs in McBee, adding the company will ultimately increase the investment to $82.6 million with 91 total new jobs over five years.

Cyclic Materials, based in Toronto, recycles rare earth elements and other materials in magnet-containing end-of-life scrap and magnet-production waste into raw materials used in AI, robotics, defense and advanced manufacturing, according to its website. The company said this is fastest route to “production of magnet rare earth elements in Western countries, and it can provide unique access to heavy rare earth elements, which are much less commonly available through mining deposits in the Western world.”

The plant slated for construction at McBee’s Alligator Industrial Park, 26009 SC Highway 151, will comprise a processing facility and a manufacturing facility that will provide mixed rare earth oxide, steel, aluminum and copper, according to the statement. Operations are expected to come on line in 2028.

The Coordinating Council for Economic Development approved related job-development credits, as well as awarded a $500,000 set-aside grant to the county to assist with building improvement costs, the statement said.

Representatives of Cyclic Materials addressed Chesterfield County Council during the public hearing portion of its December meeting, during which, Lear had said that the lowest wage these jobs pay is $27 an hour, adding “Cyclic, I don't think, will have trouble finding workers.”

Cyclic's Chief Operating Officer Matt Cherevaty talked about hiring for these positions, saying, “The plan is to hire local first as a first priority. We've already made commitments, as well, to set up training programs, to look at apprenticeships and to train people to meet the necessary aspects of the projects.”

John Wall IV, a partner at Burr Forman LLP Columbia and economic development attorney for Cyclic in South Carolina, addressed Council, saying, “This project brings critical minerals in the supply chain to the US ... It’s not just an opportunity with this project, but also follow-along projects, where South Carolina can really lead the way in supporting our nation’s defense and also generating new revenue and great jobs for Chesterfield County.”

Wall added that, for at least the first 30 years, Cyclic will generate $5 million in additional property tax revenue for the county, outweighing the property tax incentives received.

County Council member Ethan Foard, District 3, asked the representatives if the company pledges "to make sure that they have everything in place so we don’t have an environmental issue moving forward?"

Cherevaty answered, “I can certainly commit that we'll follow all the state regulations. We’ll follow necessary rules and make sure there’s the absolute minimal impact as possible to the site we will take over and the region around it. It is certainly our objective to be a very strong member of this community.”

Foard said, “Just make sure you remember where our water comes from.”

Nestle Waters North America’s Deer Park water-bottling plant is in Alligator Industrial Park.

In an October statement, Cyclic announced it had signed a 10-year agreement with Vacuumschmelze GmbH and Co. KG — headquartered in Hanau, Germany — in which it would recycle “100% of magnet-production byproducts” produced by Vacuumschmelze subsidiary e-Vac Magnetics LLC at its Sumter plant. The Sumter plant is about a 65-minute drive from McBee.

Cyclic announced in a Jan. 23 statement that it had closed on a USD $75 million Series-C equity round. With this raise, the company’s total equity funding surpassed $162 million, which will go toward expanding rare earths recycling infrastructure across the US, the statement said.

In statement issued today by Cyclic, CEO and founder Ahmad Ghahreman said, “Announcing the opening of our second US recycling site in South Carolina is a major milestone and a clear signal of our long-term commitment to building resilient, domestic critical minerals infrastructure in the US. This facility will enable Cyclic to reliably serve partners such as VAC ...”

The company had announced in April it would invest more than $20 million in its first US commercial facility in Mesa, Ariz.

Chesterfield County Council Chair Mary Anderson said in Commerce's statement, "By betting big on communities like ours, this investment — one of the largest manufacturing commitments in the county’s history — signals strong confidence in our workforce and long-term economic future. Its impact will extend far beyond McBee, driving job creation, attracting new investment, strengthening workforce development and building a more resilient economy for generations."

Lear said this is the second-largest manufacturing investment in Chesterfield County, behind Schaeffler Group USA Inc.’s Chesterfield expansion, adding that Schaeffler is the largest employer in Chesterfield County.

More information about jobs with Cyclic Materials can be found at their careers page.

This story was updated Feb. 3 at 5 p.m.