Harena's rare earth project lands DFC backing, shares jump 25%
What's the deal? Harena Rare Earths has signed a project development funding agreement with the US International Development Finance CorporationDealroom has a profile for this one. Try Dealroom → for its Ampasindava ionic clay project in Madagascar. Shares rose 25% to 2.4 pence on the news. The company called the agreement a "transformational milestone."
Why now? The deal marks the DFC's first direct financial commitment to the project. It formalises a partnership Harena believes will be "central to unlocking the project's development towards production."
What's the endgame? The DFC has committed to fund a substantial share of the agreed project development budget, with the first tranche already underway. Proceeds are earmarked for permitting, environmental and social studies, a proof-of-concept pilot plant, and accelerating the pathway to a definitive feasibility study and construction decision.
The signal: US government backing for a rare earths project reflects Western efforts to secure critical mineral supply chains outside China. For a small-cap trading in a 12-month range of 1.35p to 4.1p, direct DFC funding is a notable vote of confidence.
Read more: MarketScreener
Image credit: Ken Lund
