USA Rare Earth Lines Up $1.6 Billion in US Government Funds (2)

USA Rare Earth Inc. signed a non-binding agreement with the Commerce Department for $1.6 billion in funding, the latest White House deal to boost production of rare-earth elements on domestic soil.

The pact — which comes alongside $1.5 billion in private-sector investment — will support the company’s spending on rare-earths mining, processing, metal-making and magnet manufacturing, the Oklahoma-based company said in a statement. USA Rare Earth is one of several companies pursuing what would be the first new US rare-earths mines in decades, if they’re completed.

The proposed funding aims to help USA Rare Earth build a mine at ...