U.S. companies compete for African rare earth resources, with Harenia receiving £2 million in funding support for its Madagascar project.

African Continent's Key Minerals: The US Competes for Rare Earth Resources - Harena Secures £2 Million to Support Madagascar Rare Earth Project

Harena Rare Earths successfully raised £2 million (approximately $2.7 million) in funding to advance its Ampasindava project and collaborate with the US International Development Finance Corporation (DfC)

The company has initiated formal procedures to seek potential financing of up to $5 million from the US government

A pre-feasibility study estimates the development cost of the Ampasindava project at $142 million, with a planned capacity of 71,000 tons of TREO (rare earth oxides) over 20 years.

On February 18, London-listed Harena Rare Earths announced that it had successfully raised £2 million (approximately $2.7 million) through a share subscription. The company stated that this funding would be used to advance the development of its rare earth project in Ampasindava, Madagascar, and to seek financial support from the United States.

The company said in a statement: "The net proceeds from this subscription will be used for the continued development of the Ampasindava project, collaboration with the US International Development Finance Corporation (DfC), and daily operational needs."

In December 2025, Harena announced that after talks with senior officials from US federal agencies, it had begun discussions with the South African mining company (DfC). The company officially launched the financing process, planning to obtain up to $5 million in funding from the US for the development of the Ampasindava mine. However, the company did not reveal any specific terms of potential investment, and it remains unclear whether the negotiations include a broader financing framework to support subsequent construction phases of the mine.

A pre-feasibility report released in early January 2026 showed that the development cost of the Ampasindava mine is estimated at $142 million. The project plans to produce 71,000 tons of rare earth oxides (TREO) over a 20-year mining period.

Source: ecofinagency

Original: toutiao.com/article/1857565685067776/

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