{"text":[[{"start":13.9,"text":"The US has secured rare earths from Brazil as part of a half a billion dollar deal to ensure American businesses have access to the metals needed in industries from technology to defence. "}],[{"start":26.990000000000002,"text":"Conor Coleman, head of investments at the US International Development Finance Corporation (DFC), said the US had the right to rare earths produced by Serra Verde under the conditions of a $565mn loan it made to the mining company last year. The terms of the loan were not previously known."}],[{"start":44.49,"text":"The deal “had offtake controls making sure [the metals] were going to the United States and US-aligned parties”, he told the FT. The right to influence where the metals were sold was “in connection with our financing”."}],[{"start":60.32,"text":"Serra Verde’s Pela Ema mine in Brazil has drawn increasing interest from governments and buyers of the metals worldwide, as one of the only producers of so-called heavy rare earths outside China."}],[{"start":76.46000000000001,"text":"The materials are used in the permanent magnets found in everything from cars to weapons systems, and the US has become increasingly concerned with breaking China’s stranglehold on their production."}],[{"start":89.5,"text":"With the world’s second-largest deposits of rare earths but minimal production, Brazil is at the centre of a global rush for the coveted minerals. "}],[{"start":99.64,"text":"The Trump administration is keen to gain further access to the reserves and has submitted proposals on co-operation to Brasília, according to officials. Brazil’s foreign ministry said: “Technical teams from Brasília and Washington are addressing the issue in regular meetings.” "}],[{"start":117.48,"text":"The South American nation’s rare earths have also attracted interest from the EU, India and China."}],[{"start":124.66,"text":"Serra Verde is Brazil’s only operational rare earths producer. At least half a dozen other projects are in development, but a lack of funding has been an obstacle. "}],[{"start":135.89,"text":"In anticipation of growing global demand, Serra Verde amended some sales agreements to make more of its production — previously destined for China — available to buyers worldwide."}],[{"start":148.26999999999998,"text":"The DFC in December increased the size of its loan to the company from an initial commitment of $465mn."}],[{"start":158.71999999999997,"text":"Serra Verde declined to comment."}],[{"start":162.84999999999997,"text":"In another deal designed to secure metals for the US and its allies, the DFC last week outlined plans to do a debt-for-equity swap with Australian graphite miner Syrah Resources, which would give it an ownership stake of around 20 per cent in the company. "}],[{"start":180.34999999999997,"text":"Explaining the rationale, Coleman said: “We didn’t want to risk these assets getting into the wrong hands.” The agreement would “allow us to take a much more active role in the company”, he said."}],[{"start":192.54999999999995,"text":"In January, Syrah flagged “market challenges and financial pressures” and said it was “assessing partnering, investment and loan restructuring options to strengthen Syrah’s strategic and capital positions”. "}],[{"start":205.84999999999997,"text":"Syrah and other western graphite groups have been hit by an oversupply of the material from Chinese producers, which has pushed down prices."}],[{"start":215.64999999999998,"text":"This month’s proposed DFC deal is an evolution of the $150mn loan that Syrah and the agency agreed in 2024. It is subject to various government approvals."}],[{"start":229.67999999999998,"text":"The company was forced to declare force majeure in 2024 at its Balama Graphite Operation in Mozambique due to civil unrest, though it restarted production last year. "}],[{"start":243.07999999999998,"text":"Separately, Perpetua Resources said on Tuesday that the US Export-Import bank planned to loan it $2.7bn for a gold and antimony project it is developing. Antimony is used in flame retardants and the defence industry. The proposed loan is still subject to final approvals."}],[{"start":275.81,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1775180482_4209.mp3"}