A global “land grab” for rare earths assets is accelerating, with one US company alone embarking on a $3bn investment spree as Washington pushes to loosen China’s grip on the sector.
USA Rare Earth has struck four deals in less than a year, including the acquisitions of a metal maker that is one of the west’s few prized rare earths assets and a mine in Brazil.
The lossmaking company, which until recently had no revenues, also secured $1.6bn in conditional funding this year from the US government to help finance a planned mine in Texas and a magnet factory in Oklahoma.
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