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The United States has backed two Australian-listed rare earths projects with up to $850 million of funding as Western nations build a supply chain for the strongly magnetic metals used in sectors from renewable energy to defence.
Shares in ASM surged as much as 39% to A$1.65 before paring gains to $1.40 while Meteoric shares were up 1% at A$0.2425. Backing by a government authority is seen as key to attract commercial lenders and private investment to the sector given a recent drop in prices and complex, often costly production requirements.
Meteoric is targeting an investment decision late next year for Caldeira which will produce light rare earths neodymium, praseodymium and heavy rare earths dysprosium and terbium. The U.S. and Australia last year set up a critical minerals taskforce as Australia looks to drum up investment for minerals processing from allied nations as an alternative to top producer China, which accounts for more than 80% of global supply.
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