USA Rare Earth Secures $1.6 Billion Letter of Intent from U.S. Government for Rare Earth Mine and Magnet Factory
USA Rare Earth has received a $1.6 billion letter of intent from the U.S. government, which includes an equity stake in the company, though funding is not guaranteed. The company aims to open a rare earth mine and a permanent magnet factory by 2028, as part of the U.S. effort to reduce reliance on China's rare earth supply chain. The stock has risen 8.25% following the announcement.
Tickers: $USAR
Topics: government investment permanent magnets rare earth mining U.S.-China competition USA Rare Earth