USA Rare Earth Announces Strategic Partnership with Carester in France

The partnership will create an integrated rare earth processing and commercialization platform in Lacq, France.

Apr. 9, 2026 at 7:25am

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A highly polished, geometric metal sculpture representing a rare earth processing facility, arranged elegantly on a clean, monochromatic background and illuminated with dramatic studio lighting to symbolize the technological innovation and corporate strategy behind this rare earth industry partnership.A strategic partnership forged to build a secure, sustainable rare earth value chain in Europe.Stillwater Today

USA Rare Earth, Inc. and InfraVia Capital Partners have entered into an investment term sheet to each acquire approximately 12.5% equity stakes in Carester SAS, a French company specializing in rare earth processing and separation technologies. The broader partnership will provide USA Rare Earth and its subsidiary Less Common Metals (LCM) Europe access to Carester's oxide output and engineering capabilities, while Carester will gain long-term access to heavy rare earth feedstock from USA Rare Earth's Round Top deposit in Texas. This transaction is part of a broader initiative to build an industrial platform in Lacq, France and create an integrated value chain for rare earth processing, metal and alloy production, and magnet manufacturing.

Why it matters

This partnership will help establish Europe's first rare earth oxide and metal-making platform, accelerating the realization of a secure, sustainable transatlantic rare earth value chain. It aligns with France's strategic priorities for industrial sovereignty and value chain resilience by securing critical resources and capabilities for advanced technologies and the energy transition.

The details

Under the agreement, USA Rare Earth, InfraVia's Critical Metals Fund, and Carester will each hold approximately 12.5% equity stakes in Carester. The partnership gives USA Rare Earth and LCM Europe the right to purchase some of Carester's oxide output from its Caremag facility, as well as access to Carester's engineering capabilities and intellectual property for separation, processing, and recycling. In turn, Carester will have long-term access to heavy rare earth feedstock from USA Rare Earth's Round Top deposit in Texas. The platform will unite the technological expertise, process innovation, and production capacity of the three companies to accelerate development and strengthen capabilities across the rare earth value chain.

  • The closing of the contemplated transaction is subject to customary conditions including confirmatory due diligence as well as the negotiation and execution of definitive documentation.
  • Carester's Caremag magnet recycling and heavy rare earth separation facility in Lacq, France is scheduled for commissioning in late 2026.
  • USA Rare Earth's Round Top deposit in Texas is expected to begin commercial operation in late 2028.

The players

USA Rare Earth, Inc.

A company building a fully integrated rare earth and permanent magnet value chain across the United States, United Kingdom, and Europe.

InfraVia Capital Partners

A leading independent European private investment platform specialized in real assets and technology investments.

Carester SAS

A French company that is a leader in rare earth processing and separation technologies, with a focus on innovation and developing more efficient, environmentally friendly industrial processes.

Less Common Metals (LCM) Europe

A subsidiary of USA Rare Earth that is developing a 3,750 mtpa metal and alloy production facility in Lacq, France.

Roland Lescure

The French Minister of the Economy and Finance.

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What they’re saying

“This transaction advances and enhances USA Rare Earth's integrated rare earth value chain, to the benefit of the United States and its allies and partners.”

— Barbara Humpton, Chief Executive Officer of USA Rare Earth

“Such investment is a key milestone in the aim shared by USA Rare Earth and the French government to establish a midstream and downstream rare earth and eventually magnet value chain in the south of France, based on LCM and Carester, that will be unparalleled in the world.”

— Roland Lescure, French Minister of the Economy and Finance

“This partnership will provide Carester with capital needed for accelerating our development and will contribute to securing the continent's access to heavy rare earth materials from USA Rare Earth's deposit. We are proud to partner with USA Rare Earth and see their willingness to expand the rare earth processing platform of Lacq that Carester started into metal-making and magnet production capabilities.”

— Frédéric Carencotte, Chief Executive Officer of Carester

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This partnership between USA Rare Earth, InfraVia, and Carester will create one of Europe's most complete rare earth industrial ecosystems, strengthening France's position as a leading source of midstream capabilities in the rare earth industry and supporting the continent's access to critical materials for advanced technologies and the energy transition.