Rare Element Resources nears $553 million funding for Wyoming project

The U.S. Export-Import Bank (EXIM) has expressed interest in providing a loan of up to $553 million for Rare Element Resources (OTCQB: REEMF) to develop its rare earths Bear Lodge Project in northeast Wyoming.According to the company, it has received a non-binding Letter of Interest from the bank to support the permitting, engineering design, and construction of the project.Following the news, Rare Element Resources was trading 5% higher, giving the company a market cap of $387 million.Earlier this month, U.S. President Donald Trump invoked emergency powers to boost domestic production of critical minerals as part of a broader effort to counter China’s near-total control of the sector.The executive order directed federal agencies, including the U.S. Export-Import Bank, to unlock permitting, funding, and offtake agreements for critical minerals, including rare earths.Rare Element Resources expects operations at the demonstration plant to commence in mid-2025, running for up to 10 months and producing up to 10 tonnes of neodymium-praseodymium oxide.“EXIM, the official export credit agency of the United States, is mission-driven to support American jobs by facilitating the export of U.S. goods and services. The Bear Lodge Project fits squarely into these goals, including EXIM’s ‘Make More in America Initiative’ as well as the ‘China and Transformational Exports Program,’ both of which provide beneficial terms for U.S. companies facing competition from China,” the company said in a statement.Currently, China dominates rare earth production, accounting for 61% of global REE output. It also supplies about 38% of the world’s raw rare earth minerals and produces around 63% of global refined output.The Bear Lodge projectRare Element Resources is located in northeastern Wyoming, with easy access to power and supporting infrastructure. According to the company, the processing facility will be situated nearby in the town of Upton, Wyoming, in an established industrial area.The Bear Lodge Mountains were initially prospected for gold in the late 19th and early 20th centuries. Rare earth mineralization was first discovered in 1949.Hecla Mining (NYSE: HL) explored the Bear Lodge area—first for rare earths and later for gold—between 1987 and 1991. Their exploration identified the Bull Hill deposit based on three drill holes and the Whitetail Ridge mineralization based on two drill holes. From 1994 to 1996, the property was explored for gold.In 2004, Rare Element Resources initiated rare earth exploration at the Bull Hill target area. Between 2004 and 2013, more than 160,000 feet of drilling was completed across over 200 core holes, ranging from 88 to 1,886 feet in depth. In total, the project area has nearly 500 completed drill holes, totaling approximately 285,000 feet of core.Geophysical and geological mapping also identified and confirmed rare earth exploration target areas at Bull Hill NW, Whitetail Ridge, Bull Hill West, Carbon, and East Taylor.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com