USA Rare Earth selected for up to $19.3 million in DOE funding

USA Rare Earth

USA Rare Earth

USAR

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May 21 (Reuters) - Rare earth magnet company USA Rare Earth USAR.O said on Thursday the U.S. Department of Energy (DOE) had selected it to receive up to $19.3 million in funding for a pilot rare earth processing project aimed at boosting domestic supply chains for critical minerals.

Rare earth elements are used in products including electric vehicles, defense equipment, electronics and other advanced technologies.

  • USA Rare Earth said the total project is expected to be worth about $50.5 million, including up to $19.3 million from the DOE and about $31.2 million in non-DOE funding.

  • The company added that final project details, including scope, budget and timeline, will be determined in discussions with the DOE.

  • The award comes as the United States works to reduce reliance on China, which dominates much of the global rare earth processing industry.



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