US Department of Defense secures $750 million MREC offtake agreement with Serra Verde

Fastmarkets09-08 12:00

“This strategic partnership will establish a secure supply chain for rare-earth elements (REE) critical for national defense and economic security,” the announcement stated. The August 24 investment ...

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The investment also allocates $300 million for a purchase agreement with the Defense Logistics Agency (DLA) and $500 million “commitment from a money-center bank.”\nThe offtake agreement will provide rare earths like “dysprosium, terbium, neodymium and praseodymium” for defense purposes. The US is seeking to develop an independent rare earths supply chain outside of China, which controls the majority of the rare earths market. \nGlobal rare earths production\nChina accounts for roughly 70% of global rare earths production, according to the US Geological Survey (USGS).\nRare earths are key components in neodymium-iron-boron (NdFeB) magnets, which are used in the manufacturing of “nuclear submarines, fighter jets, satellites, guided missiles, combat vessels, and drones,” the announcement explained.\nSerra Verde’s ionic clays in its Pela Ema deposit in Minaçu, Goiás state, Brazil produce neodymium, praseodymium, dysprosium and terbium.\nSerra Verde previously received a $565 million financing package from the US International Development Finance Corporation (DFC) last February.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.49.0","shortVersion":"4.49.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2666717833","isCrawlerRequest":true}