China is the largest global processor of rare earths a group of 17 minerals used to make a range of electronics and military equipment.
Texas Mineral Resources Corp TMRC PK and privately held USA Rare Earth said they will spend 10 million to 12 million to build the pilot plant in Colorado near industry consultants and academics.
The partners hope to be producing small amounts of processed rare earths by the middle of 2020 roughly 100 kilograms 220 pounds annually This would help them finalize supply deals with potential customers and secure financing for a full scale plant near their Round Top mine in rural west Texas.
The partners plan to move the pilot plant to Texas by 2021 and have full scale production by 2023.
Californias Mountain Pass mine which is controlled by a hedge fund is building its own rare earth processing equipment and hopes to have it online by next year.
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Separately the U S military has launched plans to fund construction of rare earths processing facilities according to government documents seen by Reuters part of an urgent push by Washington to secure domestic supply of the minerals The military has already extended the deadline to apply for funding three times.
It is a piece of publicly accessible federal land that is open for mineral entry and claiming Filing a mining claim with the Bureau of Land Management gives you the right to extract the minerals on the claim but does not give you exclusive rights to the property itself In the Lower 48 the maximum size of a mining claim is 20 acres per person.
We dont want to sit and wait said Pini Althaus chief executive of USA Rare Earth an Australian investment group previously known as Morzev Pty Ltd before changing its name last year Theres a sense of urgency around the need for a rare earths processing facility thats not in China.
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Jul 15 2020nbsp018332Final equipment for Aukam processing plant en route is not in a position to demonstrate or disclose any capital andor operating costs that may be associated with the processing plant nor the Companys ability to fulfil its obligations to deliver the 1800 tonnes of graphite as required by the purchaser orders Caledonia Mining.
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