On Nov. 3, Vulcan Elements, a Durham-based start-up specializing in rare-earth minerals, announced a $1.4 billion partnership with the US government. The investments will fund the construction, commission, and operation of a 10,000 metric ton magnet facility.
“This is more crony capitalism, where taxpayer dollars are used to benefit politically connected corporations,” Brian Balfour, VP of research at the John Locke Foundation, told the Carolina Journal. “Government should not be involved in ‘investing’ in businesses; such a practice resembles central planning. Business investment should be made by voluntary investors in the private sector.”
Vulcan Elements, in partnership with ReElement Technologies, will scale its 100% vertically integrated, domestic magnet supply chain, already in operation, to produce 10,000 tons of magnets annually, with a focus on recycling end-of-life magnets and electronic waste, according to a press release…