USA Rare Earth (NASDAQ:USAR) and InfraVia announced on April 9, 2026, that they have entered into an investment term sheet to each acquire approximately 12.5% equity interests in Carester SAS, a leading French specialist in rare earth processing.
The move is a cornerstone of a broader strategy to establish a fully integrated, "mine-to-magnet" value chain in Europe.
The partnership unites USA Rare Earth and its subsidiary, Less Common Metals (LCM) Europe, with Carester’s technical expertise in separation and recycling.
Under the agreement, USA Rare Earth will gain access to Carester’s engineering capabilities and intellectual property, while securing rights to purchase oxide output from Carester’s Caremag facility.
In exchange, Carester will receive long-term access to heavy rare earth feedstock from USA Rare Earth’s Round Top deposit in Texas, which is projected to begin commercial operations in late 2028.
InfraVia is participating in the transaction through its Critical Metals Fund, an investment platform anchored by the French State to secure strategic industrial assets.
The collaboration centers on the industrial hub of Lacq, France, where Carester is currently constructing its Caremag magnet recycling and heavy rare earth separation facility, scheduled for commissioning in late 2026.
In a parallel development, USA Rare Earth, through LCM Europe, is developing a metal and alloy production facility at the same Lacq site with an annual capacity of 3,750 metric tons (mtpa).
The French government has signaled significant financial support for this facility, including direct credits under the C3IV program of up to 45% for eligible equipment and real estate, totaling as much as €130 million.
Furthermore, Bpifrance Assurance Export has indicated it will consider the project for a strategic state guarantee (Garantie des Projets Stratégiques), which could support 50% of the commercial debt financing required for capital expenditures.