USA Rare Earth to acquire 13.6% minority stake in France’s Carester

USA Rare Earth has signed definitive agreements to acquire a 13.6% minority stake in Carester, a French rare earth processing and separation company. InfraVia, through its Critical Metals Fund, is acquiring a similar stake. The investment, expected to close in Q3 2026, follows an initial framework agreed in April 2026. Under the deal, USA Rare Earth and its subsidiary LCM Europe will purchase output from Carester's Caremag facility in Lacq, France, and gain access to Carester's engineering expertise and IP in rare earth separation and recycling. Carester will gain access to USA Rare Earth's feedstock from Serra Verde and the Round Top deposit. Proceeds will fund Carester's growth, R&D, and working capital, and facilitate the exit of its minority shareholders. The Caremag plant, starting operations in late 2026, is expected to produce 800 tpa of neodymium-praseodymium oxide, 500 tpa of dysprosium oxide, and 100 tpa of terbium oxide, accounting for ~15% of global heavy rare earth production outside China.