This week was marked by strategic moves across the rare earth and metals sector: USA Rare Earth announced a major acquisition in the UK to strengthen its mine-to-magnet ambitions, while China set out a plan to expand its nonferrous metals industry. At the same time, new U.S. funding is flowing into a rare earth project in Malawi.
For $100 Million: USA Rare Earth Acquires British Rare Earth Alloy Expertise
USA Rare Earth (USAR) aims to establish a fully vertically integrated mine-to-magnet supply chain for rare earth elements. The company, headquartered in Stillwater, Oklahoma, now appears to be moving closer to that goal. On Monday, USAR announced that it will acquire UK-based producer of rare earth metals and alloys, Less Common Metals (LCM), for $100 million in cash and 6.74 million USAR common shares. LCM is regarded as the only producer outside China capable of manufacturing both light and heavy rare earth permanent magnet alloys at scale.
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China Unveils Plan to Strengthen Nonferrous Metals Sector
On Sunday, China unveiled a new work plan intended to strengthen its domestic nonferrous metals industry over the next two years. The initiative aims for an annual value-added growth rate of approximately 5% and an average yearly output increase of 1.5% across the country’s top ten nonferrous metals. The plan also sets a target of producing over 20 million tons of recycled metals.
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Antimony from Alaska: Pentagon Again Invests in U.S. Supply Chain
The Pentagon is continuing to invest in the domestic supply chain for critical minerals. Australian mining company Nova Minerals Limited has been awarded more than $43 million to produce antimony trisulfide to military specifications. The raw material is expected to come from Estelle, a gold and antimony project in Alaska in which Nova holds a majority stake.
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Mkango Secures U.S. Funding for Malawi Rare Earth Project
Canadian mining company Mkango Resources has secured $4.6 million in funding from the U.S. International Development Finance Corporation (DFC) to advance its Songwe Hill rare earth project in Malawi. The funding for its subsidiary Lancaster Exploration Limited will be used to support front-end engineering design (FEED) and value engineering studies, key steps in preparing the project for construction and financing.
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