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VHM, Australia's rare earths company, receives US interest up to 200 million dollars for its project

VHM Australia said Monday that it had received a letter from the U.S. Export-Import Bank for funding of up to $200,000,000 to support its Goschen rare-earths and mineral sands development project.

Shares of the rare-earths miner had risen 6.1% earlier in the day to A$0.26, the highest level since September 25.

EXIM's letter of interest, the official export credit agency for the U.S., proposes a maximum 12-year repayment period, as Western economies seek to diversify their rare earths supply chains away from the top producer China.

U.S. officials have discussed taking an interest in Critical Metals Corp. This would give Washington a vested interest in the Greenland's largest rare earths projects, according to a report on Saturday. The source was people familiar with the issue.

VHM reported that EXIM had identified the Goschen Project as a candidate for its Supply Chain Resiliency Initiative. The SCRI aims to support project which strengthens secure and diverse supply chains in U.S. industry.

Andrew King, CEO of VHM, said that the company is "well positioned" to progress the Goschen project and to become a global solution to current critical issues in the minerals supply chain.

The Goschen Project in Victoria, Australia, is classified as Tier 1 integrated rare-earth and mineral sands projects. (Reporting and editing by Sumana Aich and Rashmi Nandy in Bengaluru)

(source: Reuters)