Rare Element Resources nears $553 million funding for Bear Lodge Project
March 25 (Reuters) - Rare Element Resources (REEMF.PK), opens new tab said on Tuesday the U.S. Export-Import Bank has expressed willingness to provide a loan of up to $553 million for its rare earths Bear Lodge Project in northeast Wyoming.
WHY IS IT IMPORTANT
Earlier this month, U.S. President Donald Trump invoked emergency powers to boost domestic production of critical minerals as part of a broad effort to offset China's near-total control of the sector.
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The executive order directed federal agencies, including EXIM, to unlock permitting, funding and offtake agreements for critical minerals, including rare earths.
The move is the latest by Trump to increase U.S. energy and minerals production and comes against the backdrop of an escalating trade conflict with China, Canada and other large minerals producers that supply American manufacturers.
CONTEXT
Bear Lodge contains many critical rare earths that are essential for high-strength permanent magnets, electronics, fiber optics, defense, as well as technologies like electric vehicles, solar panels, and wind turbines.
BY THE NUMBERS
The company has said operations at the demonstration plant are expected to commence in mid-2025 and operate for up to 10 months and produce up to 10 tons of Nd/Pr oxide, a material used in the production of permanent magnets. The start will support discussions with potential partners and customers, it has said.
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