US Rare Earth and its joint venture partner, Australia’s Lynas Corporation, have announced their plans to produce almost half of the critical minerals identified by the United States Geological Survey (USGS) in its recently released list of 35 critical minerals. The two companies plan to build a processing facility in Texas to manufacture a range of rare earths and rare metal products for the U.S. market, including 17 of the 35 minerals identified by the USGS.
These minerals are considered essential for a wide range of applications, from defense and aerospace to clean energy and telecommunications. The USGS list was released in May 2018 as part of a larger effort by the Trump administration to reduce the U.S.’s dependence on foreign sources of minerals. The USGS list includes 35 minerals considered essential to the U.S. economy and national security, and the Trump administration has since launched an initiative to boost domestic production of these minerals.
The proposed US Rare Earth and Lynas joint venture comes as a response to that initiative, and could help to reduce the U.S.’s dependence on foreign sources of rare earths and rare metals. The two companies plan to develop a new rare earth and rare metal refinery in Hondo, Texas, which could produce 17 of the 35 minerals identified by the USGS. These minerals include rare earth elements like neodymium, praseodymium, europium, dysprosium, terbium, and yttrium.
They also include rare metals like lithium, cobalt, manganese, chromium, and nickel. The proposed facility in Texas would be the first of its kind in the U.S., and could produce around 6,000 tons of rare earth elements and rare metals per year. The facility would also create around 200 new jobs in Texas, and could help to reduce the U.S.’s reliance on foreign sources of rare earths and rare metals. US Rare Earth CEO Pini Althaus said the joint venture is a “win-win” for the U.S. and Australia, as it would allow the two countries to collaborate on a project that is “vital to America’s national security and economic prosperity.”
“We are extremely pleased to be working with Lynas to create a secure and reliable source of these vital materials for the U.S. and international markets,” Althaus said. “This project is a major step forward in our mission to create a reliable source of critical minerals for the U.S. and our allies.” The proposed US Rare Earth and Lynas joint venture is just one of many initiatives aimed at boosting domestic production of critical minerals in the U.S.
The Trump administration has also launched a number of initiatives to increase domestic production, including streamlining the permitting process for mining projects and launching a $50 million grant program to help small businesses develop new technologies to extract critical minerals. The USGS list of 35 critical minerals is expected to be updated in the near future as the Trump administration continues to seek ways to reduce the U.S.’s dependence on foreign sources of minerals. If the proposed US Rare Earth and Lynas joint venture is successful, it could help to reduce that dependence and make the U.S. more self-sufficient when it comes to critical minerals.
