US funds Madagascar rare earths project to curb China

The U.S. International Development Finance Corporation (DFC) has pledged up to $4.48 million to the Ampasindava rare‑earths project in northern Madagascar. The financing will support a pilot plant, laboratory testing and environmental programmes, with the possibility of additional funding later. The project, owned by London‑listed Harena Rare Earths and valued at roughly $150 million, targets production of about 4,000 tonnes of rare‑earth oxides per year, including 1,700 tonnes of high‑value magnet metals such as neodymium, praseodymium, dysprosium and terbium. Washington frames the investment as part of a broader critical‑minerals strategy to diversify supply chains away from China, which currently dominates global rare‑earth production. A State Department spokesperson said the United States wants to expand American‑aligned investments in Africa’s critical‑minerals sector, viewing Madagascar as a strategic location for such efforts.