U.S. Rare Earth Company CEO Barbara Hampton announced that the company has secured over $3 billion in potential funding to establish a domestic supply chain for rare earths and critical minerals. According to Jin10, Hampton revealed that the funding includes up to $1.6 billion from the U.S. Department of Commerce, with the remainder coming from private sector investments. She anticipates that this financial backing will enable the Round Top deposit to commence production by 2028.
Hampton noted that current discussions indicate the U.S. government is willing to make procurement commitments years in advance to ensure supply stability. Following the government's announcement of a $12 billion critical minerals reserve plan, the company's stock rose over 17% on Tuesday. However, it is important to note that federal funding is contingent upon achieving certain milestones, and private sector investments have yet to be finalized. Hampton emphasized that these funds will allow the company to expedite its plans.