The Australian company seeks to mine the Nolans rare earth project in the country's north – almost 70% of the debt is now financed.
The companies signed a Memorandum of Understanding, which also seeks to expand recycling efforts.
Analysis by BloombergNEF calls for more investment in low-carbon energy.
Artificial intelligence will be used to explore the Sheep Creek deposit in Montana, which also contains gallium.
Shenghe holds interest in multiple rare earth projects worldwide already, including in Tanzania.
The export of gallium from China increased significantly in April compared to the previous month.