Why it matters: Rare earths are widely used, but most are processed in China
The US government has increased funding for Lynas to build facilities in Texas
The Texas plant will be the only scale producer outside China, Lynas has said
Lynas has had its US government funding more than doubled as the Biden administration accelerates its mission to secure supplies of rare earths.
The Defence Department will now contribute $US258 million ($384 million) toward construction of Lynas’ heavy rare earths refinery in Texas, up from the initial pledge of $US120 million in June 2022.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com