Round Top rare earth mineral deposit in West Texas. Courtesy of USA Rare Earth
USA Rare Earth said on Jan. 26 that it had entered into a non-binding letter of intent with the Department of Commerce for a $1.6 billion financing agreement that includes a $1.3 billion secured loan and $277 million in federal funding.
In addition to the loan package, issued under the Department of Commerce’s CHIPS program, USA Rare Earth said it had raised an additional $1.5 billion in private equity funding anchored by Inflection Point that’s expected to close on Jan. 28 subject to routine closing conditions. The CHIPS funding and secured loan, meanwhile, are expected to close in the first quarter of 2026, also pending finalization of customary closing conditions.We had a problem loading this article. Please enable javascript or use a different browser. If the issue persists, please visit our help center.
Read Full Article: https://www.theepochtimes.com/business/usa-rare-earth-lines-up-3-1-billion-public-private-funding-to-fast-track-mining-operations-5976612/?utm_source=partner&utm_campaign=whatfinger
