The US has secured rare earths from Brazil as part of a half a billion dollar deal to ensure American businesses have access to the metals needed in industries from technology to defence.
Conor Coleman, head of investments at the US International Development Finance Corporation (DFC), said the US had the right to rare earths produced by Serra Verde under the conditions of a $565mn loan it made to the mining company last year. The terms of the loan were not previously known.
The deal “had offtake controls making sure [the metals] were going to the United States and US-aligned parties”, he told the FT. The right to influence where the metals were sold was “in connection with our financing”.
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