Rare-earth magnet firm eyes Colorado for headquarters

DENVER — Colorado officials on Thursday approved an offer of tax incentives to an unnamed United States-based rare-earth magnet manufacturing company that is considering establishing its headquarters in the Centennial State. 

The company, referred to in Colorado Office of Economic Development and International Trade documents as Project Earth II, is “exploring options for where to build its facility and headquarters, which will be initially a 25,000-square-foot pilot plant with room to grow into a 150,000-square-foot operation.” The company, according to the OEDIT memo, is considering all of Colorado. 

It is the Colorado Economic Development Commission’s practice not to identify companies OEDIT is recruiting until incentives are accepted.

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The incentives package is worth a bit more than $3.9 million over eight years. Should Project Earth II accept, it would pledge to create 250 new full-time jobs at a minimum average annual wage $72,046.

“The jobs will include machinery workers, engineers, sales and R&D,” according to OEDIT. “The company has 15 employees, none of whom are in Colorado.”