The finances will support the project through the development phases.
Rare Element Resources has received a non-binding letter of interest from the Export-Import Bank of the United States (EXIM) for potential debt financing of $553 million for the Bear Lodge rare earth project in Wyoming. If finalized, the funding will help advance the project through the permitting, engineering, and construction phases.
Beyond mining, Rare Element Resources is also engaged in midstream operations. Last September, the company received approval from the Department of Energy to commence operations at its rare earth processing and separation demonstration plant in Upton, also in Wyoming (we reported).
In addition to Rare Element Resources, EXIM has backed a number of other projects in the sector, including another rare earth project in Wyoming, the Halleck Creek Project, developed by American Rare Earths.
EXIM’s latest funding aligns with President Donald Trump’s recent initiative to strengthen domestic critical mineral production. Just a week ago, Trump signed an executive order aimed at accelerating the sector’s growth by streamlining permitting processes and reducing bureaucratic hurdles to secure funding. The underlying goal is to reduce the dependency on industry leader China. However, mining raw materials is just the first step in a convoluted value chain to the finished product.
Photo: Aleksander Tumko