The United States is ramping up its spending on critical minerals supply chains. The Department of Energy unveiled a total of $1 billion in possible funding this week. Meanwhile, with Arafura and Neo Performance Materials, two industry players reported key developments.
$1 Billion to Boost America’s Resource Independence
The U.S. Department of Energy plans to invest nearly $1 billion to support technologies for the mining, processing, manufacturing, and recycling of critical minerals and materials. Around $250 million will be dedicated to recovering critical minerals and materials from byproducts in domestic industrial facilities.
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Arafura’s Rare Earth Project Draws Fresh Government Financing Interest
Arafura has received a non-binding Letter of Interest from Australia’s export credit agency, Export Finance Australia (EFA), for potential further financing to support the development of its Nolans rare earth project. While the terms and size of the funding are still subject to due diligence, Reuters reports the amount to be around $100 million, citing sources familiar with the matter.
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Neo Performance Materials Revenue Up on Strong Magnet Business
Canadian industrial materials supplier Neo Performance Materials announced its second-quarter results on Tuesday, reporting a sizable revenue increase. The company posted $114.7 million in revenue for the quarter, a 6.7% rise compared to the same period last year. Based on this performance, Neo also raised its full-year guidance. A key driver of the growth was the magnet division, which saw its revenue rise nearly 20% year-over-year.
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Magnet Production: India Seeks Cooperation with Japan and South Korea
India’s state-owned mining company India Rare Earths Ltd. (IREL) plans to launch commercial production of rare earth magnets and is seeking partnerships with Japanese and South Korean companies.
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