The U.S. government is planning to fund domestic rare earths projects in an attempt to reduce its reliance on China, the global leader of the specialized sector.
A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, U.S. January 30, 2020. REUTERS/Steve Marcus
In an attempt to change that, the Pentagon last year said it would fund mines and processors via the Defense Production Act, which gives the military wide berth to procure certain equipment. U.S. President Donald Trump has recently considered using the same law to boost medical supply manufacturing.The uranium producer said in early April it was considering ways to retool some of its equipment to process rare earths. The company does not plan to become a rare earths miner.
On Wednesday, Lynas and Blue Line said they were chosen by the Pentagon, though they did not say how much funding they would get, nor did they list any conditions associated with the award.The privately held company owns California’s Mountain Pass mine, the only rare earths mine in the United States. China’s Shenghe Resources Holding Co owns about 10% of the company, and Chinese customers account for all its annual revenue of about $100 million.
The company has been developing the Bear Lodge rare earths mine in Wyoming since 1999. In recent years, the company has run into delays in obtaining permits and faced other challenges, hindering its ability to secure financing.The companies are developing the Round Top rare earths project in the western corner of Texas and hope to have it operational by 2023. In the meantime, the partners are building a pilot plant in Colorado to process rare earths.
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