The United States continues to evaluate how it can produce rare earths domestically, and one of the most promising developments has now received backing from the nation’s government.

Wyoming Rare, a subsidiary of American Rare Earths (USA), just received a pledge from the Export-Import Bank of the United States (EXIM) totaling $456 Million. While the loan will be a great help for Wyoming Rare’s “Halleck Creek Project”, it is not binding. This means the project will need to progress accordingly for the company to receive the influx of cash. 

Keeping Things In House

Halleck Creek is believed to be one of the most fruitful rare earth deposits in the world, exciting government officials, industry leaders, and consumers. The area boasts a mine, resources, and plans to process all materials in America. Top magnet metals available at the site include neodymium, terbium, and praseodymium. This could be crucial as the United States attempts to lessen its dependency on China for rare earth materials. Consumers could also see goods like electric vehicles, cell phones, and similar items become more readily available if everything is created stateside. 

The loan goes a long way in helping Wyoming Rare and the U.S. achieve their goal. Under the terms of the agreement, the loan would be issued over 15 years via EXIM’s Make More in America Initiative. China continues to raise prices on mining quotas for rare earths and has restricted technology to keep a firm grip on the market. American Rare Earths must now leverage the money and use the agreement to secure additional funding through third-party investors and keep the project moving forward. 

“When we get the material from the mine, that’s a lower value on the supply chain,” said Wyoming Rare (USA) President Joe Evers. “By being able to process that ore into what becomes magnet metals — a usable product in the industrial sense — it will allow Wyoming to capture more of the value.”

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