Harena shares rise following Trump backing worth USD5 million
(Alliance News) - Harena Rare Earths PLC on Monday welcomed news that it will receive USD4.8 million in funding for its Ampasindava rare earths project in Madagascar from the US International Development Finance Corp.
Shares in the natural resource company, which has mines in China and Madagascar, were up 9.5% at 2.52 pence each in London on Monday morning.
Ampasindava is an ionic clay rare earths deposit in northern Madagascar and contains a defined mineral resource of 699 million tonnes.
The investment forms part of the Trump administration's pledge to invest USD3 billion in critical minerals assets to strengthen US critical mineral supply chains and manufacturing.
It follows a private briefing between Pensana Chief Executive Tim George, US President Donald Trump and Secretary of State Marco Rubio.
The White House fact sheet identified the investment in Harena as part of a broader package of initiatives to bolster US critical materials and supply chains, "reduce reliance on hostile foreign countries, protect our national security, and strengthen the economic resilience of vital industries".
Harena said the funding will support permitting, environmental and social programmes, as well as pilot plant development.
It is the DFC's first mining investment in Madagascar and will see Harena added to the DFC's core portfolio alongside Serra Verde and Aclara.
DFC Chief Executive Officer Ben Black said: "President Trump is looking out for the American people and has made securing our critical mineral supply chains a national priority. Through projects like Harena, [development finance corporation] is helping expand America's access to these essential materials and providing our partners transparent, high-quality financing alternatives. DFC is proud to support investments that strengthen US economic security and create lasting economic opportunity for both the United States and Madagascar."
By Niall Holden, Alliance News reporter
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