US Backs Brazil Rare-Earth Mine With $465 Million Funding (1)

Brazilian rare earths producer Serra Verde secured as much as $465 million in funding from the US International Development Finance Corporation as Western nations seek to reduce reliance on China for the key minerals.

The financing is to help cover upgrades to the company’s Pela Ema mine in Brazil’s Goiás state, according to an Aug. 15 document on the website of the DFC. The federal agency was created under US President Donald Trump’s first term to offer financing and guarantees for projects in developing nations with a tie to US foreign policy objectives.

The Trump administration is turning to Brazil ...