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The Greater San Marcos Partnership (GSMP) announced that Urban Mining Company has selected San Marcos, Texas as the location of its new, state-of-the-art rare earth magnet manufacturing facility and headquarters. The 100,000-square-foot facility will be constructed on 10 acres and adds more than 100 advanced manufacturing and technology jobs to San Marcos and Hays County over the terms of the agreements.
Rare earth magnets are critical components used in high-tech industrial, automotive, clean energy and military-defense applications. Urban Mining Company is the only producer of its kind in the U.S.
"The general availability of rare earth magnets is a huge concern. The U.S. is 100 percent dependent on other countries for both materials like neodymium (Nd) and dysprosium (Dy), as well as the finished products manufactured using them. Resource independence is critical for our country's future," said Urban Mining Company cofounder and CEO Scott Dunn.
Urban Mining Company's headquarters and manufacturing facility will be fully operational in 2018.
"We...