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USA Rare Earth Inc. is acquiring Texas Mineral Resources Corp. for about $73 million in an all-stock deal, which will provide USA Rare Earth full control of the Round Top heavy rare earth project in Texas. The acquisition simplifies governance and decision-making, allowing for expedited development, with commercial production targeted for 2028.

The deal comes with substantial funding commitments, including a $1.6 billion agreement with the US Commerce Department and private investments. USA Rare Earth expects to extract about 40,000 metric tons per day of rare earth materials by 2030, enhancing its operations in the critical minerals sector.