Balerion Senior Associate Aidan Daoussis sits down with Vulcan Elements Co-Founder & CEO John Maslin to discuss rare earth magnet manufacturing and supply-chain security.
In this conversation, John explains Vulcan Elements’ approach to domestic manufacturing of permanent rare earth magnets. These magnets are a critical input for electric motors, defense systems, aerospace applications, and advanced industrial equipment. The discussion focuses on why magnets, rather than raw rare earth materials alone, represent the true bottleneck in the supply chain, and how Vulcan is building vertically integrated manufacturing capability inside the United States.
Aidan and John cover the technical requirements of magnet production, current global supply concentration, qualification standards for defense and aerospace customers, and how reshoring magnet manufacturing changes risk profiles for both commercial and national-security applications.
00:00 – Welcome & Introductions
Aidan introduces John Maslin and frames the conversation around rare earth magnets and industrial supply chains.
01:30 – Vulcan Elements Origin Story
John explains the founding motivation behind Vulcan Elements and the decision to focus on magnets rather than upstream mining.
04:00 – Why Rare Earth Magnets Matter
Overview of where permanent magnets are used: EVs, aerospace, defense systems, industrial motors, and robotics.
07:00 – The Real Bottleneck: Magnet Manufacturing
Why access to rare earth materials is not sufficient without downstream magnet production capability.
10:00 – Global Supply Chain Concentration
Discussion of current geographic concentration of magnet manufacturing and resulting strategic vulnerabilities.
13:00 – Technical Overview of Magnet Production
Key steps in magnet manufacturing, processing requirements, and performance specifications.
17:00 – Quality, Certification, and Defense Standards
Why qualification timelines are long and how Vulcan approaches defense and aerospace validation.
21:00 – Vertical Integration Strategy
How Vulcan is structuring its manufacturing stack to control performance, reliability, and cost.
25:00 – Customer Segments & Early Demand
Target markets including defense primes, EV suppliers, aerospace manufacturers, and industrial users.
28:00 – Scaling Manufacturing Capacity
What scaling looks like in magnet production versus raw materials or electronics.
32:00 – Economics & Cost Structure
Capital requirements, operating considerations, and competitiveness against overseas suppliers.
36:00 – Policy, Incentives, and Industrial Strategy
How government policy intersects with domestic manufacturing and national resilience.
40:00 – Long-Term Outlook for Magnet Demand
Expected growth drivers from electrification, automation, and defense modernization.
44:00 – Scaling Timelines & Execution Risks
Discussion of manufacturing ramp timelines, execution challenges, and where delays typically occur in advanced materials production.
47:00 – Talent, Hiring, and Industrial Know-How
Why experienced manufacturing talent is as critical as capital, and how Vulcan approaches workforce development.
50:00 – Policy Tailwinds & Long-Term Demand
How electrification, defense modernization, and industrial policy shape long-term magnet demand.
52:00 – Closing Remarks
Final reflections on why rare earth magnet manufacturing is foundational infrastructure for a resilient industrial base.
