Rare earths company REalloys receives Pentagon funding
Rare earths company REalloys (ALOY.O), opens new tab has been awarded a U.S. Department of Defense contract worth up to $1.7 million to fund design of a processing facility for metals used to make magnets for weapons and electronics, it said on Monday.
The Ohio-based company received the contract from the Defense Logistics Agency and aims to process up to 300 metric tons per year of the heavy rare earths samarium and gadolinium into metal form, in what would make it one of the largest U.S. sources of those metals.Rare earths must be turned into metals before they can be used to make magnets, News.Az reports, citing Reuters.
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China has imposed export restrictions on rare earths and other critical minerals.
The contract, which has two phases over 24 months, is an initial vote of confidence in REalloy's technology from the DLA, which buys a range of goods for the U.S. military.
REalloys, which last week began trading on Nasdaq after merging with Blackboxstocks, will be required to develop engineering schematics for a modular version of the facility.
The company is also developing a rare earths mine in Saskatchewan and has a processing agreement with the Saskatchewan Research Council, the Canadian province's technology innovation unit.
By Faig Mahmudov
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