HOUSTON, July 13 (Argus) - US rare earth developer ReElement Technologies will receive $25 million in investment from the US Department of Defense (DOD) to expand its rare earth elements and other critical defense minerals processing capacity at its Marion facility in Indiana.
The DOD said today that the funds will cover equipment, installation and working capital to expand the factory's production line.
The company will process scrapped magnets and other recycled materials into high-purity rare earth oxides such as yttrium and gadolinium, as well as germanium and gallium, for use in defense systems, aerospace components and secure communications.
Details of the construction schedule and production capacity have not been disclosed.
The DOD said the agreement limits transactions with foreign entities to protect US interests.
