USA Rare Earth secures $1.6 billion in CHIPS Act funds
USA Rare Earth secured $1.6 billion in CHIPS Act funding to build a domestic supply chain. The deal supports a Texas mine and a South Carolina magnet plant.
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USA RARE EARTH INC finalized agreements with the United States Department of Commerce for up to $1.6 billion in CHIPS Act funding on June 3. The capital supports the development of a domestic rare earth supply chain, including mining and magnet manufacturing. The funding follows a previously announced $1.6 billion debt-and-equity package backed by the Trump administration.
