A start-up in North Carolina wants to break China’s grip on rare earth magnets.
Illustration by Luis Grañena
It was April of 2025 and John Maslin was having a great week. His company, Vulcan Elements, had just opened a rare earth magnet factory in North Carolina. Under an American flag, he spoke of “onshoring one of the most important supply chains in the world”. The facility was set to be one of the few of its kind outside of Asia.
An excerpt from China's Ministry of Commerce notice on export controls, April 4, 2025. Credit: MOFCOM
Maslin didn’t have long to celebrate. A few days later, th
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