US backs Australian lithium, rare earths projects for up to $786 million

Australia’s American Rare Earths said on Tuesday it had received a letter of interest for a debt funding package of up to $456 million from the Export-Import Bank of the United States (EXIM) to support construction of the Cowboy State Mine area at its Halleck Creek project in Wyoming.

“We are hopeful that it will serve as an anchor to help attract private funding into the project,” said Melissa Sanderson, a member of the company’s board of directors.

The bank has also offered $330 million to finance the construction of Anson Resources’ lithium production plant in the Paradox Basin, Utah, the Australian company said on Tuesday.

Earlier this year, the bank backed two Australia-listed listed rare earths projects by Australian Strategic Materials and Meteoric Resources with up to $850 million of funding.

The United States and Australia established a critical minerals taskforce last year as Australia seeks to attract investment in minerals processing from allied countries, aiming to reduce reliance on China, which currently controls more than 80% of the global supply.