Rare earth race heats up as US woos Australian miners
A US–Australia critical minerals push is drawing American capital to ASX rare earths, from takeover bids to export finance talks.
High-level US government delegations and private investors are being sent to inspect Australian-owned rare earth projects from Malawi to Brazil, as the scramble to build a supply chain outside China gathers steam.
The new US–Australia critical minerals framework, struck in October, has elevated ASX-listed miners as preferred partners in the Trump administration’s push to secure alternative sources of rare earths, lithium and other strategic materials used in defence, the energy transition and advanced manufacturing.
That trade policy — including direct loan and equity investments — now appears to be translating into private sector dealmaking. Small-cap Australian Strategic Materials (ASM) this week signed a $447 million deal to be acquired by US uranium producer Energy Fuels.
The two companies told investors they plan to build the world’s largest ‘mine-to-alloy’ operation, in a deal struck at an equity premium of more than 100%.
