The United States has committed up to $786 million in debt funding to support two Australian critical minerals projects, as Western nations aim to strengthen supply chains for essential minerals.
American Rare Earths announced on Tuesday that it received a letter of interest from the Export-Import Bank of the United States (EXIM) for a debt funding package of up to $456 million. This funding will aid the development of the Cowboy State Mine at the Halleck Creek project in Wyoming.
“We hope this will serve as a cornerstone to attract private investment into the project,” said Melissa Sanderson, a board member of American Rare Earths.
In addition, EXIM has offered $330 million to finance the construction of Anson Resources’ lithium production plant in Utah’s Paradox Basin.
Earlier in 2024, the bank provided up to $850 million to support two other rare earth projects by Australian Strategic Materials and Meteoric Resources.
These investments come as part of a broader effort by the U.S. and Australia to reduce dependence on China, which currently dominates over 80% of the global supply of critical minerals.
Last year, the two nations formed a critical minerals task force to foster investment in mineral processing from allied countries.
