美稀土公司15亿美元收购巴西Serra Verde，中资供应链承压

Nasdaq-listed USA Rare Earth, traded under the ticker USAR, announced on Monday (24) that arrangements had been completed for the acquisition of Phase 1 of Serra Verde’s rare-earth mining operation in Goiás. The transaction will be carried out through a special-purpose vehicle (SPV) that has completed a $1.5 billion capitalization, including funding from U.S. government agencies. In a statement, USA Rare Earth said the U.S. Department of War committed to investing $750 million in the SPV, $250 million more than stipulated in the original agreement. The agreement includes take-or-pay clauses, which guarantee purchases, as well as price floors. According to the company, these provisions are vital to developing an integrated rare-earth value chain. USA Rare Earth also said the SPV secured a commitment from a top-tier bank to lend $500 million to the project. Meanwhile, the U.S. government entered into a forward purchase agreement with the SPV covering at least $300 million in rare-earth products over five years. USA Rare Earth announced the definitive agreement to acquire Serra Verde in April. On the same day, Serra Verde announced a 15-year agreement to supply rare earths to the SPV, which is capitalized with funding from the U.S. government and private investors. The capitalization satisfies one of USA Rare Earth’s conditions for completing the merger with Serra Verde. In an interview this month with Valor’s mining industry magazine, Serra Verde President Ricardo Grossi said the proposed merger with USA Rare Earth would give the Brazilian mining company access to new capabilities throughout the value chain. Phase 1 is expected to produce up to 6,400 tonnes of total rare-earth oxides annually by the end of 2027. Phase II could double the mine’s production before the end of the decade. Grossi noted that more than $1.1 billion has already been invested. Rare earths comprise 17 chemical elements with applications ranging from mobility and electrification to robotics and data centers, as well as the aerospace and defense industries, energy, and medical technologies. Brazil has been attracting foreign investment to the sector and has more than 50 exploration projects, according to the National Mining Agency (ANM). Translation: Todd Harkin