Phoenix Tailings Secures $30.2 Million from Traxys to Expand Rare-Earth Facilities
Phoenix Tailings Inc. has raised $30.2 million, led by Traxys North America LLC, to expand its rare-earth refining facilities. The Series B funding values the company at $360 million. Phoenix aims to recover more minerals from mining waste and has signed a memorandum of understanding with Traxys for an offtake agreement. As the US seeks to reduce reliance on China for critical minerals, the investment comes at a vital time for the industry.
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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.
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