Anson Resources (ASN) has secured up to $330 million in financing from the Export-Import Bank of the United States to develop its lithium production plant in Paradox Basin, Utah. Meanwhile, American Rare Earths (ARR) received a letter of interest for $456 million to support its Cowboy State Mine area in Wyoming.

The collaboration marks a strategic move by Western countries to build supply chains for critical minerals. Earlier, the bank funded Australian Strategic Materials and Meteoric Resources with up to $850 million for rare earth projects. Such investments aim to lessen reliance on China, which dominates more than 80% of the global supply.

US and Australian Initiatives for Mineral Supply Chains

The United States and Australia formed a critical minerals taskforce to attract investments from allied nations. Both countries aim to improve mineral processing infrastructure to ensure a stable supply of essential minerals globally.

American Rare Earths aims to use this financial backing as an anchor to draw private investments, according to Melissa Sanderson, a board director. This initiative is expected to reinforce the project’s financial foundation.

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