African rare earth projects are attracting increasing attention from U.S. investors and institutions, positioning the continent as a growing source of supply as global markets seek alternatives to China’s dominance.
The United States is steadily diversifying its rare earth supply chain, and African projects are emerging as key beneficiaries of this shift, with several receiving direct backing from financial markets and federal agencies.
Harena Rare Earths announced on Tuesday, November 18, that it has secured the approvals required to list its shares on the U.S. OTCQB Venture Market.
The move mirrors a recent decision by Pensana Rare Earths, which plans to pursue a Nasdaq listing in 2026. Both companies say American investors are showing strong interest in their African operations, Harena’s Ampasindava project in Madagascar and Pensana’s Longonjo project in Angola, Ecofin Agency reported.
“Harena has generated significant interest from U.S. investors, and given the company’s strategic focus on the U.S. market for the production of its rare earth deposits, the OTCQB market provides strong synergies for developing the Ampasindava project,” the company said.
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The growing U.S. engagement reflects a broader push by Washington to reduce reliance on China, the world’s primary supplier of rare earths.
In October, Pensana announced a partnership with permanent-magnet manufacturer VAC to develop a U.S. supply chain that will be fed by future output from the Longonjo mine.
For both Harena and Pensana, already listed on the London Stock Exchange, securing a U.S. listing offers an opportunity to expand access to capital as they move their African sites toward production.
Harena aims to complete construction of its Ampasindava mine by the end of 2028. The project is designed to produce 5,000 tonnes of total rare earth oxides (TREO) annually and requires $143 million in investment. Its feasibility study is currently under way.
Pensana has already begun construction at Longonjo and targets initial production of 20,000 tonnes of mixed rare earth carbonate (MREC) per year, with commissioning expected in early 2027.
Ahead of its planned U.S. listing, Pensana is seeking a $160 million loan from the U.S. Export-Import Bank (EXIM).
U.S. institutions have also broadened their involvement beyond these two flagship projects.
Since 2023, the U.S. International Development Finance Corporation (DFC) has provided support to the Phalaborwa rare earth project in South Africa, underscoring Washington’s growing interest in Africa’s wider rare earth potential.
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Image Credit: African Mining Week
