Stitt announces $100M project to bring rare earth metal and manufacturing facility to Oklahoma

Stitt announces $100M project to bring rare earth metal and manufacturing facility to Oklahoma

Stitt announces $100M project to bring rare earth metal and manufacturing facility to Oklahoma

Several state leaders plan to be on hand Thursday when the governor makes the announcement



Good morning Welcome to Stillwater. We appreciate you all being here and joining us today for this exciting announcement. I’m will Joyce. I’m the mayor of Stillwater and there are so many people in this room here today who have made this possible. Uh some of our cities and our states, most dedicated leaders, innovators and economic influencers. If you’re *** local state or federal official or here today as *** representative of one of those folks, could you please stand up so we can recognize you well, we’re here today because Stillwater has been chosen for *** first of its kind manufacturing facility with *** total investment of more than $100 million creation of at least 100 new jobs And projected $6.6 million stillwater and it’s *** win for Oklahoma. We appreciate all the hard work by Governor Stitt, the State Department of Commerce, our city staff, the Stillwater Chamber of Commerce and the other partners. We have to ensure this initiative became *** reality. Please join me now in welcoming Governor Stitt who will discuss the details of this project. Mhm Good morning everybody. It’s good to be in Stillwater. Let me have everybody do this with me. Go cowboys also do this boomer sooner. Right, we’re in the college world series that didn’t go over where? Well in Stillwater. Well, thank you so much Mayor Joyce. We’re so excited for your leadership. Uh and I’m excited to be here to make this announcement with all of you today. This is truly *** once in *** generation announcement for our for our city and our state and our country, I’m so thrilled that us *** rare earth chose chose Stillwater Oklahoma for the first fully integrated US based rare earth metal manufacturing facility. It’s amazing the magnets that will be manufactured here are gonna be using all of our everyday lives medical devices, imaging machines, smartphones, do you know that our iphones have 30 different rare earth magnets in them, electric vehicles, wind turbines, you know this is *** huge win for the state of Oklahoma but it’s also I believe *** huge win for our country as well. And I’ll tell you why now the United States can stop relying on china for these resources and start counting on Oklahoma China produces right now they hold and control the supply of 90% of the world’s supply of rare earth minerals. the magnets and metals there not only critical to our everyday life, but also military hardware in our defense and our aerospace industries. If you think about it, it doesn’t make sense for our army or navy, our marines to rely on china for our defense technologies just makes no sense. It’s absurd. It’s dangerous for our uh security. We should be producing these right here in the United States of America and I believe it’s key to our national security. This facility will be supported by some of Oklahoma’s brightest our state’s leading research institutions Oklahoma State University and lastly I’m so proud of Oklahoma’s pro business policies uh that has allowed us to compete and to innovate on *** national level. We we have moved the needle since 2019. So proud of our commerce team. *** lot of them are here today. We are becoming known as the place to be located if you’re *** manufacturing facility. Uh internationally companies are looking at Oklahoma uh companies are moving from other states here we are on our way to driving to make Oklahoma top 10 state. I couldn’t be more proud and now I want to hand it over to uh fair smith who’s the Ceo to go in *** little bit more detail and we’re so excited to welcome you to the Oklahoma family. You’re gonna be *** great Ceo and we’re excited to have you in the great state of Oklahoma. So, ladies and gentlemen smith, thank you Governor Stitt and Mayor Joyce and thank you all for being here today. I think that uh one, I want to thank all the team that stood up earlier from the city from the state and also the federal delegations to make this happen. It’s been *** pleasure working with you all and I just can’t thank you enough for everything you’ve done here. Uh us *** rare mission is to create *** domestic resilient supply chain of rare earth minerals and and other products. And we’re extremely excited to be here today to announce that we’re going to have this to be our home. And so we are locating our metals and magnets facility here. We also have *** mining project in texas that will be supporting this, but this will really be the epicenter and the hub of, of building this resilient supply chain. Um, as we went through the journey to find, we looked at *** lot of, you know, we looked at over 50 50 sites and I would say 88 different states and we were looking for the same things that that every company is looking for *** business friendly environment, good infrastructure, reliable power, great institutions of learning like and other institutions here. But really what made the difference was was the people here and I want to commend you for the teams that you have built. It was absolutely refreshing to come to the state to see how aligned you are, how you work seamlessly from the state, uh, to the city and also the federal level. It’s um, it’s unusual and I know that you’re proud of the team here, but it’s, it really is, it really is incredible to have seen that and work work through that first hand. Um, Governors did talked about how terrorists are used and they really are ubiquitous and really everything that we, we use every day. Um, and admittedly magnets are not the most exciting things to talk about, but they’re one of these critical things that when you don’t have them, it’s really *** problem. And so There there are *** couple of facts from *** national security perspective in an F- 35 has 900 lb of rare earth magnets in it. Virginia class submarine has £9,000 of rare earth magnets. And we don’t have the ability to make any of those here. And it really is *** shame and, and it’s something that we need to um to remedy. I’ll leave you with *** couple of thoughts. One is the United States imports 100% of our rare earth products Today, meaning we’re 100% reliant upon other countries for these for these products. Um, the other thing that’s happening is because of the electric vehicle trend. Um demand for these products is gonna grow by 300% over the next 10 years. And so it is really incumbent upon us to, to build *** facility like this to be able to have *** domestic secure supply chain and um, we, we are going to build that we’re in the process of building it and we’re extremely excited to be partnering with uh, with the city and the State. And we look forward to seeing all the great things that we can accomplish together. So with that I want to hand it over to jennifer springer with the Department of Commerce for some more remarks. Thank you very much. I appreciate it. Alright, good morning and thank you there. We’re appreciative of us *** rare Earths partnership and we’re pleased to welcome you to the state at the Oklahoma Department of Commerce. We work every day to bring jobs investment and economic prosperity to the state of Oklahoma. This project is slated to bring over 100 new Highly skilled jobs to the state of Oklahoma and these jobs have *** median that’s 42% above the salary of the average uh the county wage by establishing more high wage jobs opportunities. This project will help Oklahoma the com *** nationwide industry leader across our core economic competencies as there said, what is going to happen in Stillwater will impact hundreds of items that you use every day from cell phones to submarines. Usa rare earth is actively helping to alleviate supply chain woes and to reduce our reliance on federal manufacturing. So I’d like to thank the governor for recognizing the incredible impact us *** rare earth will have for Oklahoma and for extending the quick action closing fund to help us win this this business. So with that alternative to secretary um thank you Director Springer. Well here in Oklahoma, we are certainly no strangers to energy innovation when you think about our history. The the accomplishments and innovations that have happened here have literally shaped the world’s economy and change change the world landscape from the first commercial wells many years, you know, over *** century ago to unlocking the potential of shale and taking our country from energy scarcity to energy abundance and independence. So today’s announcement really is an extension of those things. The fact that we can establish *** first of its kind facility here in the United States really and around the world other than in china is *** great boon not only to our energy economy, but also our energy security, our national security and the ability to create *** domestic *** domestic supply chain here. Um This facility will be key in showing that we can uh produce and process these critical minerals that support everything that has been previously mentioned. Uh you know, the US along with the european Union and Japan and much of the developed world is fully and wholly dependent on china to produce these rare earth elements. These materials serve *** critical function in our everyday lives. And again, used for everything from smart, smart phones to medical technology, but they’re also critical in our modern aerospace and defense technologies. Of the 10 highest volume shipping ports in the world. Seven are located in china Manufacturing delays and warehouse shutdowns during the COVID-19 pandemic have shown us the dangers and pitfalls depending primarily of dependence on other countries who uh for the for the supply of these critical minerals. It does not make sense for our country to rely on other nations for foreign materials. Often these countries don’t share our values and certainly don’t have the United States best interest at heart. So to increase our national security, the US must secure *** *** domestic, reliable, predictable and sustainable supply of these rare earth minerals. So along with its US based mining and manufacturing facilities, us *** rare erste’s vertically integrated and fully domestic mine to magnet supply chain will decrease our reliance on supply chains and and and and in turn increase our national security. It gives us more control over the process providing us the option to increase production, create the most robust manufacturing capabilities and bolster our domestic supply. So it is such an honor for Oklahoma to be on the leading edge of creating this completely domestic supply chain. This still water facility will be the model for the rest of the rest of the country to marvel at that. We can do this right here in Oklahoma again, I want to thank um there for his vision and I’ve loved collaborating with your team on this and I’m proud of our team at the the Department of Environmental Quality. We we know that it will be challenging to with our federal partners to understand this first of *** kind and they’ve decided to tackle that head on and and work proactively with us *** rare earth uh not to skip any steps but to to work together to provide *** compliant protective permitting scheme for these minerals. So I’m gonna hand it back over to Mayor Joyce. But what *** great day for stillwater. What *** great day for the state of Oklahoma and what *** great day for our country?

Stitt announces $100M project to bring rare earth metal and manufacturing facility to Oklahoma

Several state leaders plan to be on hand Thursday when the governor makes the announcement

Gov. Kevin Stitt and the Oklahoma Department of Commerce on Thursday announced that they reached a deal to bring the country’s first rare earth metal and manufacturing facility to the state.A news release says USA Rare Earth plans to invest more than $100 million in developing the manufacturing facility and will use its facilities and technology to convert rare earth oxides into metals, magnets and other specialty materials. The products will have numerous applications, including electric vehicles, wind turbines, mobile electronic devices and military hardware.Initial production at the facility in Stillwater is expected to start in 2023. The news release says the project aims to create more than 100 new jobs and generate more than $6.6 million in wages once fully operational.”Oklahoma has long been on the cutting edge of energy innovation, and this project embodies the energetic, forward-thinking mentality of our state,” Stitt said in the news release. “The USA Rare Earth project will help our state remain a leader in domestic energy production, further diversifying our economy while reducing U.S. dependence on foreign imports.” Along with national defense, rare earth elements are behind many of Oklahoma’s core economic drivers, including the aerospace, technology, automotive and advanced manufacturing industries.The news release states that Oklahoma leaders said having access to the state’s research institutions will be vital to the project. They’ll give proximity for ongoing research, development and innovation of critical rare earth elements and a strong workforce.

Gov. Kevin Stitt and the Oklahoma Department of Commerce on Thursday announced that they reached a deal to bring the country’s first rare earth metal and manufacturing facility to the state.

A news release says USA Rare Earth plans to invest more than $100 million in developing the manufacturing facility and will use its facilities and technology to convert rare earth oxides into metals, magnets and other specialty materials. The products will have numerous applications, including electric vehicles, wind turbines, mobile electronic devices and military hardware.

Initial production at the facility in Stillwater is expected to start in 2023. The news release says the project aims to create more than 100 new jobs and generate more than $6.6 million in wages once fully operational.

“Oklahoma has long been on the cutting edge of energy innovation, and this project embodies the energetic, forward-thinking mentality of our state,” Stitt said in the news release. “The USA Rare Earth project will help our state remain a leader in domestic energy production, further diversifying our economy while reducing U.S. dependence on foreign imports.”

Along with national defense, rare earth elements are behind many of Oklahoma’s core economic drivers, including the aerospace, technology, automotive and advanced manufacturing industries.

The news release states that Oklahoma leaders said having access to the state’s research institutions will be vital to the project. They’ll give proximity for ongoing research, development and innovation of critical rare earth elements and a strong workforce.

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