USA Rare Earth said on Jan. 26 that it had entered into a nonbinding letter of intent with the Department of Commerce for a $1.6 billion financing agreement that includes a $1.3 billion secured loan and $277 million in federal funding.
The company says it expects to begin commercial mining operations in Texas by 2028.
Secretary of Energy Chris Wright says his department will partner with USA Rare Earth, and as part of the deal, the government will receive equity and warrants in the company.
