South Africa Rare Earths Project Gets $20 Million in State Funds

South Africa’s development finance institution has invested $20 million in a domestic rare earths project, which aims to help the European Union reduce its dependence on China for critical minerals.

The state-owned Industrial Development Corp. is backing Frontier Rare Earths Ltd.’s Zandkopsdrift project in the Northern Cape province, the Luxembourg-registered company said in a statement on Thursday. The EU, which is working to strengthen its critical minerals supply chains, designated the asset as a strategic project last year.