American Rare Earths secures $680M funding for Halleck Creek Project

American Rare Earths (ASX:ARR) said its subsidiary, Wyoming Rare (USA) has received a non-binding letter of interest from the Export-Import Bank of the United States.

The potential funding package, valued at up to US$456 million ($680 million), is aimed at financing the construction and execution phase of the Cowboy State Mine area at the Halleck Creek Project in Wyoming.

EXIM is the official export credit agency of the US Federal Government, operating under the mission to support American exporters and job creation.

The funding offer falls under EXIM's Make More In America Initiative which supports projects that can increase US  competitiveness in key areas.

Chris Gibbs, CEO of American Rare Earths, commented, "This letter of interest from EXIM Bank is a significant milestone, highlighting the US Government's commitment to securing a robust domestic rare earth supply chain."

Joe Evers, President of WRI, added, "We are grateful for the recognition and support from EXIM Bank, which will be instrumental in securing the funding needed to fast-track the development of this important project."

While the letter of interest is not a final commitment, it underscores the strategic importance of the Halleck Creek Project.

EXIM will conduct due diligence before finalising any financing arrangement.

American Rare Earths is a mineral exploration company that owns the Halleck Creek and La Paz rare earth deposits. Its flagship project is Halleck Creek, located in the Central Laramie Mountains, approximately 70km northeast of Laramie, and 30 km southwest of Wheatland, Wyoming and covers over 3,304 hectares.