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Phoenix Tailings Inc. raised $30.2 million from investors, including Traxys North America LLC, to enhance its rare-earth refining capabilities. This Series B funding values the firm at $360 million. The capital will be used to expand facilities and extract additional rare-earth elements.

Phoenix has also signed a memorandum of understanding with Traxys to pursue an offtake agreement. This investment aligns with US efforts to establish a domestic critical minerals supply chain, reducing dependence on China, which dominates rare-earth production and refining.