CVMR (a group of companies specializing in refining rare-earth metals) will reportedly build a facility that is expected to be approximately 500,000 square feet on 540 acres off US Highway 60 in Amarillo TX.
The City of Amarillo and Potter County recently agreed to a number of tax abatements and location incentive agreements before inking the one-of-a-kind deal.
"This is going to be the first critical mineral refinery ever built in the United States," CVMR founder Kamran Khozan said in a release.
"Right now, we don’t have any such refineries in the United States. We are at the mercy of foreign countries to supply us with refined metals."
It was further reported that economic incentives include $20 million for the creation of up to 1,000 jobs in the first phase of the project and a 100% tax abatement over 10 years, according to the Texas Real Estate Research Center.
The refinery could have the potential to create 2,500 jobs in the future with $97 million of projected annual payroll, according to a release from CVMR.