The US government is backing a Brazilian rare earths mine to the tune of almost half a billion dollars as part of the drive to develop a supply chain outside China for the crucial materials.
The US Development Finance Corporation in August approved a $465mn loan to Serra Verde to help fund the company’s Pela Ema rare earths mine in Goias, Brazil, DFC filings show.
The funds will help Serra Verde increase its production of heavy rare earth metals, the global supply chain for which is dominated by China. The country both mines and refines the metals, and only China is capable of processing the heavy rare earths produced at Serra Verde’s ionic clay mine at scale.
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