The US International Development Finance Corporation (DFC) is set to offer project development funding for Harena Rare Earths plc’s mine located in Madagascar.

The funding was announced at the American Mining Industry event held at the US Department of State, representing DFC’s first mining investment in Madagascar.

This investment aims to advance the development of the Ampasindava Ionic Clay Rare Earth Project, which is fully owned by Harena Rare Earths.

The site

contains significant concentrations of neodymium, dysprosium and praseodymium, which are used in high-performance magnets for advanced manufacturing and defence technologies.

Rare earth elements play a key role in sectors such as robotics, electronics, and defence.

They are essential to the advanced technologies that underpin US manufacturing and national defense, from high-strength permanent magnets to precision-guided military systems.

In Africa, DFC focuses on investments in high-impact sectors such as mining, aimed at helping countries responsibly leverage their significant resource potential.

This approach also advances US strategic partnerships, bolsters supply-chain resilience and supports long-term American economic competitiveness.

DFC CEO Ben Black said: “President Trump is looking out for the American people and has made securing our critical mineral supply chains a national priority.

“Through projects like Harena, DFC is helping expand America’s access to these essential materials and providing our partners transparent, high-quality financing alternatives.

“DFC is proud to support investments that strengthen US economic security and create lasting economic opportunity for both the US and Madagascar.”

Harena Resources executive chairman Ivan Murphy said: “We are honoured to be playing our part to alleviate the chronic shortage of magnet metal and heavy rare earths and to increase mineral security for the US and its partners.”