The US International Development Finance Corporation (DFC) has committed up to $4.84 million to the Ampasindava ionic clay rare earths project in Madagascar, operated by London-listed Harena Rare Earths Plc. The total project investment is approximately $150 million. China currently dominates over 70% of global rare earth production, with these materials being essential for EV motors, wind turbines, and defense systems. The project targets annual output of around 4,000 metric tons of rare earth oxides by mid-2028, including 1,700 metric tons of high-value magnet materials such as neodymium-praseodymium and dysprosium-terbium. This commitment marks the DFC’s first investment in Harena Rare Earths, signaling US strategic interest in diversifying rare earth supply chains away from China. The project remains in early stages, with execution risks related to permitting, political stability, and the timeline to reach commercial production.
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