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U.S. Taking Equity Stake In Mining Company USA Rare Earth

Cal Biesecker By
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U.S. Taking Equity Stake In Mining Company USA Rare Earth
USA Rare Earth's magnet production facility in Stillwater, Okla. Photo: USA Rare Earth

USA Rare Earth [USAR] on Monday said it has entered a non-binding letter of intent with the Commerce Department for an equity stake in the vertically integrated mining company in a deal aimed at strengthening domestic production of certain critical minerals and de-risking USAR’s growth plans. The U.S. investment using funding provided through the CHIPS Act includes $277 million in funding and a $1.3 billion loan. USAR will issue the Commerce Department 16.1 million shares of common stock and about…

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