HOUSTON, March 16 (Argus) - Harena Rare Earths, a rare earth exploration company headquartered in the UK, today agreed to assess the possibility of acquiring Paradigm Critical Minerals, which has heavy rare earth and uranium exploration assets in California.
These assets were initially developed for gold and silver, and are approximately 100 miles from MP Materials' Mountain Pass mine. Harena stated that the project has the potential to become one of the highest-grade rare earth element exploration projects in the United States.
Under the agreement, Harena will conduct a detailed due diligence process, focusing on reaching the final transaction.
According to the company, recent surface exploration at the site revealed that the ratio of light rare earth elements to heavy rare earth elements in the rare earth mine is approximately 50:50.
Harena also owns the Ampasindava ion clay rare earth project in Madagascar.
