USA Rare Earth to buy remaining stake in Texas Round Top deposit, Bloomberg News reports

March 5 (Reuters) - USA Rare Earth USAR.O is planning to buy the remaining minority interest in a Texas rare earth deposit in an all-stock transaction that values the deal at about $73 million, Bloomberg News reported on Thursday, citing people familiar with the matter.

• The company will acquire all of the outstanding shares of Texas Mineral Resources TMRC.PK for about 3.8 million shares of USA Rare Earth common stock with an implied total deal value of some $73 million, according to the report.

• Last year, the company had said it will bring forward commercial production at its rare earths project in Texas to late 2028 from 2030, citing faster-than-expected progress at its processing facilities and rising U.S. demand for critical minerals.

• The purchase will make USA Rare Earth the sole operator of the Round Top project, which it claims is the largest known U.S. source of heavy rare earth elements, gallium and beryllium.

• Having full ownership of the project could be critical in helping USA Rare Earth achieve its new expedited timeline to develop Round Top into a commercial-scale mine, the Bloomberg report added.

• USA Rare Earth and Texas Mineral Resources did not immediately respond to a Reuters request for comment.

• Earlier this year, USA Rare Earth said the Trump administration would back a $1.6 billion debt-and-equity funding package to help it build the Texas mine and magnet facility to supply the defense and high-tech sectors.