The United States and India announced a partnership on semiconductors this week, while the U.S. government awarded millions in funding to a rare earth project in Wyoming. Also this week, the Minerals Security Partnership unveiled a new network intended to partner the industry with financial institutions to coordinate joint raw materials projects—the details in our roundup.
The U.S. and India Join Forces on Semiconductors
India and the U.S. have announced the joint construction of a semiconductor factory on the subcontinent. The facility will produce infrared, gallium nitride, and silicon carbide semiconductors, among other things, for sectors such as green energy, as well as sensing, communication, and power electronics for national security.
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Wyoming Rare Earth Project Secures $456 Million in Government Financing
The Export-Import Bank of the United States has awarded American Rare Earths $456 million in debt financing through a non-binding letter of interest to advance the Halleck Creek Project in Wyoming. According to the company, the funds cover the entire initial capital expenditure for the project, representing the first stage of development.
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BMW, Hitachi, Microsoft Invest in Rare Earth Recycler Cyclic Materials
Canadian critical minerals recycling company Cyclic Materials has secured another $53 million from investors, including the venture capital branches of German carmaker BMW and Japanese conglomerate Hitachi, as well as Microsoft’s Climate Innovation Fund. The start-up will use the investment to fast-track international growth and build rare earth recycling infrastructure in the United States and Europe.
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Minerals Security Partnership Unveils New Financing Network
The Minerals Security Partnership (MSP) members unveiled a new financing network on Monday to better coordinate joint projects and facilitate information sharing. The MSP Financing Network will direct its members’ export credit and development finance agencies to join forces with private industry to support critical mineral mining, refining, and recycling projects in order to diversify and bolster supply chains.
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Canada: Defense Metals and the SRC Join Forces on Rare Earths
Canadian rare earth mining hopeful Defense Metals has signed a Memorandum of Understanding with the Saskatchewan Research Council to explore potential collaboration along the rare earth value chain. Under the agreement, the two sides will discuss a possible supply agreement of mixed rare earth carbonates from Defense Metals’ Wicheeda project to SRC’s rare earth refinery in Saskatoon. The facility recently began commercial production of rare earth metal as the first in North America.
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