The US International Development Finance Corporation has committed $62.8 million to rare earth projects in Malawi, Angola, Madagascar and South Africa, where none of the ventures has reached production. About $50 million is earmarked for the Phalaborwa project in South Africa, which reprocesses gypsum waste from a legacy phosphate mine to recover rare earth oxides including neodymium, praseodymium, dysprosium and terbium. The project is supported by Dublin-headquartered mining investment firm TechMet, with the relationship dating to 2023. The minerals are used in permanent magnets for electric-vehicle motors and wind turbines, while dysprosium and terbium help magnets retain their properties at high temperatures. The financing forms part of the US effort to reduce dependence on China, the world’s largest rare earth producer, as Beijing has tightened related export controls. DFC officials told Reuters on August 19 that private investors remain cautious because of the risks of African projects, possible Chinese market intervention and concerns about oversupply. The agency aims to de-risk projects and attract private investment; Africa represents about 20% to 25% of its global investment portfolio. Industry observers have also questioned whether demand for NdPr magnets will be sufficient to support the growing project pipeline. On August 7, the DFC announced project-development funding for the Harena Rare Earths ionic clay project in Madagascar, its first mining investment in that country.