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American Rare Earths and Novex plan US magnet-ready rare earth metals
The MoU targets conversion of separated rare earth oxides into metals for permanent magnets using feedstock from Wyoming’s Halleck Creek project, a deposit estimated at about 2.63 billion tonnes.
American Rare Earths and Novex have signed a memorandum of understanding to develop US rare earth metal production aimed at supplying permanent magnet materials, using feedstock from the Halleck Creek rare earth project in Wyoming, according to Mining.com.
The companies plan to work together primarily on advancing the conversion of separated rare earth oxides into metals used in permanent magnets and to explore options for designing a US rare earth metal production facility as part of a mine-to-magnet domestic supply chain.
Halleck Creek is described as the largest known deposit of total contained rare earth oxides in the United States, with a mineral resource of approximately 2.63 billion tonnes that the companies say could support domestic magnet metal supply.
Mining.com reports the agreement is intended to close a key gap in the US rare earth supply chain, reducing reliance on overseas processing as the US seeks secure supplies for defense and advanced manufacturing. It also cites federal and state support, including a non-binding US Export-Import Bank letter of interest of up to $456 million.