The U.S. Department of Energy has announced to allocate $5 million to explore the feasibility of extracting rare earth elements (REE) and other critical raw materials from macroalgae to secure additional domestic sources besides traditional mining
Secure supply chains central to joint commitments to clean energy and electrification of economies.
The announcement comes ahead of the first visit to South Korea by a Japanese premier since 2018. The two neighbors aim to normalize relations and agree to resume economic cooperation.
The Anglo-Australian metals and mining corporation will acquire the high-grade scandium resource Platina Scandium Project in New South Wales from Platina Resources Limited for $14 million.
The act is aimed to curb inflation and promote clean energy projects in the U.S.
The Rare Earth Magnet Manufacturing Production Tax Credit Act incentivizes the domestic production of rare earth magnets used, for example, in wind turbines.
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