Challenge
DFC CEO Ben Black has prioritized investments to strengthen supply chains, noting that “securing critical minerals is a paramount matter of U.S. strategic interest and economic prosperity.”
Demand is surging for the critical minerals and rare earth elements (REEs) essential to the advanced industries powering U.S. economic growth and security. Rare earths found in the earth’s crust are vital to many modern technologies, from medical devices to disk drives and power generation, but China currently controls nearly 60 percent of rare earth mining operations and more than 85 percent of rare earth processing capacity. Without resilient, diversified supply chains, American businesses and consumers alike are vulnerable to delays, higher costs, and greater economic uncertainty as a result of potential disruptions, price manipulation, and geopolitical coercion.
Solution and Impact
DFC is providing project development support to help Aclara Resources Inc. develop the Carina rare earth project in Brazil. At Carina, Aclara will produce a mixed rare earth carbonate (MREC), including both light and heavy REEs. DFC’s support will help Aclara complete a definitive feasibility study of the Carina deposit, where rare earths are mined from clay rather than hard rock.
MREC is an intermediate product that requires additional processing to produce alloys and metals. Aclara is working to develop a vertically integrated “mine-to-metals" heavy rare earth supply chain aimed at establishing a reliable supply chain closer to the U.S. The company is planning to deliver the MREC from the Carina mine to a future processing hub in Louisiana where it would be separated into rare earth oxides and converted into metals and alloys tailored to manufacturers’ specifications. In early 2026, the company moved closer to that U.S.-based processing when it inaugurated a pilot plant at the Virginia Tech Corporate Research Center to validate its proprietary processing technology.
DFC’s focus on critical minerals, especially those sourced close to the U.S. for delivery to American markets, aligns with the priorities outlined by the White House in the 2025 National Security Strategy:
"Strengthening critical supply chains in this Hemisphere will reduce dependencies and increase American economic resilience. The linkages created between America and our partners will benefit both sides while making it harder for non-Hemispheric competitors to increase their influence in the region.”
By backing Aclara’s rare earth supply chain, DFC is securing a reliable Western Hemisphere source of critical minerals that strengthens American economic resilience, supports allied industry, and reduces dependence on rare earths sourced and processed in China.
This project was profiled in 2026.