Rare Element Resources Ltd. (RER) received a non-binding Letter of Interest from the Export-Import Bank of the United States (EXIM) for debt financing of up to $553 million for the Bear Lodge Project in Wyoming. The funding aims to support the project’s permitting, engineering design and construction.
This announcement coincides with President Donald Trump’s Executive Order issued on March 20, 2025, directing federal agencies, including EXIM, to enhance American mineral production. The Executive Order outlines actions to expedite permits, mobilize capital for mineral producers and establish offtake agreements for critical minerals, including rare earths.
Ken Mushinski, Littleton-based RER’s president and CEO, said, “We appreciate this EXIM expression of interest and view it as further legitimatization of our significant efforts to date as well as our plan for the future of our Bear Lodge Project.” He acknowledged the importance of the current work at the Upton, Wyoming rare earth processing and separation demonstration plant for the project’s advancement.
EXIM supports American jobs by facilitating the export of U.S. goods and services. The Bear Lodge Project aligns with the agency’s “Make More in America Initiative” and the “China and Transformational Exports Program,” which aim to assist U.S. companies competing in critical export areas. The company’s demonstration plant, currently undergoing Factory Acceptance Testing, is expected to start operations in mid-2025, producing up to 10 tons of Nd/Pr oxide.
Rare Element Resources is focused on delivering rare earth products for technology, energy and defense applications through the advancement of the Bear Lodge Rare Earth Project in northeast Wyoming, which is rich in critical rare earths necessary for various modern technologies.
