POSCO International bets big on US rare earth supply chain

POSCO International is making an aggressive push into America’s strategic minerals race, announcing plans to build the first integrated rare earth and permanent magnet production complex in the United States as Washington scrambles to reduce dependence on China-dominated supply chains. The Korean trading and energy company said Friday it signed an agreement Wednesday in Washington with ReElement Technologies Corp. to establish a joint venture for rare earth separation and refining production in the United States. The project calls for a combined investment of $200 million to build a rare earth separation facility capable of producing 6,000 tons annually, with plans to later expand into permanent magnet manufacturing. POSCO International said it would lead management of the joint venture as the largest shareholder, while ReElement would provide core refining technologies. The signing ceremony was attended by POSCO International CEO Lee Kye-in, ReElement CEO Mark Jensen, senior officials from the U.S. departments of State, Commerce and Energy, and representatives from the Korean Embassy