US Backs Mozambique Rare Earths

According to a report by Mining.com, Altona Rare Earths has received backing from the US government for its Monte Muambe project in Mozambique, sending the company's shares soaring by over 76%. The US Trade & Development Agency's support aims to define the technical and financial pathway for developing the project, which targets rare earth elements used in high-strength permanent magnets, defence applications, and energy transition technologies. The project also hosts fluorspar, a mineral used in industrial and chemical processes. With a 51% interest in Monte Muambe, Altona expects the US backing to accelerate development and strengthen global supply chains for rare earths and fluorspar.