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The United States has backed a rare earths project in Australia for the first time, with $600 million in preliminary funding as Western nations build a supply chain for the metals used in sectors from windfarms to defence.
“The LoI represents a material step in ASM’s project funding strategy and is recognition of the strong engagement the Company has experienced from government, investors, and industry groups in North America,” ASM said in an exchange filing. Top producer China supplies produces more than 80% of the world’s industrial magnets made from rare earth metals.
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