USA Rare Earth’s 2028 production move-up: project and process notes for engineers
Reviewed by Tom Sullivan
First reported on MINING.com
30 Second Briefing
USA Rare Earth will accelerate commercial production at its Round Top heavy rare earths deposit in Texas to late 2028, two years earlier than planned, after solvent-extraction pilot work enabled its Hydromet demonstration plant in Colorado to start five SX circuits running 2,000–4,000 hours from early 2026. The circuits will focus on dysprosium and terbium while also extracting hafnium and zirconium, feeding into a mine-to-magnet chain that includes a 310,000-square-foot Stillwater, Oklahoma plant targeting nearly 5,000 tonnes of magnets per year from 2026. Shares fell up to 4.3% to $16.56 despite the accelerated schedule.
Technical Brief
- SX circuits are configured to preferentially recover heavy rare earths Dy and Tb, plus hafnium and zirconium by-products.
- Definitive feasibility study completion is now targeted for early 2027, enabled by overlapping piloting and design.
- Round Top is described by USAR as the largest US source of gallium and beryllium, adding revenue streams beyond REEs.
- At nameplate, the Stillwater facility is expected to output nearly 5,000 tonnes of permanent magnets per year.
- USAR’s market capitalisation is reported at just over $2.3 billion, with shares trading around $16.56 on the announcement.
Our Take
USA Rare Earth's Round Top heavy rare earth elements and magnet strategy sits alongside MP Materials' Saudi rare earth refinery JV with Maaden in our coverage, signalling that US-linked supply chains are now being pursued both onshore (Texas–Oklahoma–Colorado) and in allied jurisdictions.
With Round Top targeting dysprosium and terbium plus gallium and beryllium, the project is positioned in our database as one of the few US assets aiming to co-produce multiple critical minerals that are currently dominated by China, which could give it leverage in offtake and defence-related procurement discussions.
The early-2026 Hydromet demonstration facility and five-circuit SX set-up suggest USA Rare Earth is prioritising process qualification and separation know‑how ahead of mine build, a sequencing that typically helps rare earth projects secure downstream magnet customers and potential strategic backing before full capex is committed.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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