Aclara Resources expects to spend around $1.3 billion in South America rare earth mines and US processing plants, executive vice president Jose Augusto Palma said on Tuesday.

The Toronto-listed company’s latest investment plan includes $150 million to $170 million for a mine in Chile, $600 million for a mine in Brazil, $300 million to $400 million for a separation plant, and $400 for a metallization facility, Palma said.

Speaking on the sidelines of a mining industry conference, Palma said both the Brazilian and Chilean projects aim to complete the feasibility phase by mid-2026, putting them on track for construction the same year and ahead of a 2028 target to start operations.

Earlier this month, Aclara said the US International Development Finance Corporation committed up to $5 million to fund a feasibility study for the Brazil project.

Rare earths are used to make magnets for a range of uses, including weapons and consumer electronics.

(Source: Mining.com；By Marco Aquino and Daina Beth Solomon; Editing by Natalia Siniawski)