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NEW YORK, Aug. 22, 2024 (GLOBE NEWSWIRE) -- USA Rare Earth, LLC, a company building out a vertically integrated, domestic rare earth element (“REE”) magnet production supply chain that would include REE, critical minerals and lithium mining and processing, and Inflection Point Acquisition Corp. II (Nasdaq: IPXX) (“IPXX”), a special purpose acquisition company, today announced that they ...
As announced in a joint press release, the proposed transaction values USA Rare Earth at a pro-forma enterprise value of $870 million and is expected to be completed in early 2025; TMRC currently owns approximately 19.3% of the Round Top Heavy-Mineral and Critical Minerals Project
The Mountain Pass Rare Earth Mine and Processing Facility, owned by MP Materials, is an open-pit mine of rare-earth elements on the south flank of the Clark Mountain Range in California, 53 miles (85 km) southwest of Las Vegas, Nevada. In 2020 the mine supplied 15.8% of the world's rare-earth production.
MP Materials produced 28,000 tonnes of rare-earth oxide equivalent from Mountain Pass in 2019, and 38,500 tonnes in 2020, or more than 15% of global production. [4] As of late 2020, Shenghe Resources was the sole purchaser of MP Material's rare earth concentrate.
The company was owned by Resource Capital Funds, Pegasus Partners IV, LP, The Goldman Sachs Group, Inc., Traxys North America LLC and Carint Group LLC. [7] On July 29, 2010, Molycorp, Inc., a newly established parent company of Molycorp Minerals LLC, became a publicly traded firm by selling 28,125,000 shares at $14 in its IPO.
Both are part of critical supply chains that power the high-tech economy.
The move would mark the first financial investment by the U.S. military into commercial-scale rare earths production since World War Two's Manhattan Project built the first atomic bomb. It comes ...
About USA Rare Earth, LLC . USA Rare Earth, LLC is a company building a vertically integrated, domestic rare earth magnet supply chain. USARE is developing a NdFeB magnet manufacturing plant in Stillwater, Oklahoma and controls mining rights to the Round Top heavy rare earth elements and critical minerals deposit in West Texas.