TLDR
- USA Rare Earth selected Fluor Corp. and WSP Global Inc. as EPCM partners for its Round Top Rare Earth Project in Texas
- The company is implementing an Accelerated Mine Plan targeting commercial production by late 2028, two years ahead of previous schedule
- First DFS phase will use results from ongoing solvent extraction pilot work at the Colorado facility
- Demonstration plant in Wheat Ridge, Colorado will operate for approximately 2,000 continuous hours through October 2026
- Project includes confirmatory and geotechnical drilling at Round Top site plus heap leach optimization study in first half of 2026
USA Rare Earth Inc. made a strategic move Thursday by bringing on two major engineering firms for its Round Top project. The company selected Fluor Corp. and WSP Global Inc. as Engineering, Procurement and Construction Management partners.
The EPCM partners will advance the Definitive Feasibility Study for the Sierra Blanca, Texas facility. This project aims to create a domestic supply chain for heavy rare earth elements outside of Chinese control.
USAR’s stock has responded positively to recent developments. The company’s shares jumped 62.44% year-to-date, trading at $19.33. The market cap now sits at $2.56 billion.
The company holds a solid financial position. Cash exceeds debt on the balance sheet. Liquid assets outweigh short-term obligations, providing flexibility for the development timeline.
Accelerated Timeline and Production Goals
USAR is pushing an Accelerated Mine Plan forward. The new timeline targets commercial production by late 2028. This represents a two-year improvement over the previous schedule.
“Fluor and WSP are key partners with the experience and expertise required to move Round Top toward commercial delivery,” said Alex Moyes, Vice President of Mining & Processing at USA Rare Earth. The selection brings decades of engineering experience to the project.
The first DFS phase will incorporate results from current solvent extraction pilot work. This work is happening at the company’s Colorado facility right now.
The demonstration plant in Wheat Ridge, Colorado will run continuously. Operations are scheduled for approximately 2,000 hours. The run should wrap up by October 2026.
Ground Work and Project Scope
Field activities will begin soon at the Round Top site. Confirmatory and geotechnical drilling will take place in the first half of 2026. A heap leach optimization study will run alongside the drilling program.
These studies will inform mine design and engineering decisions. The data gathered will feed directly into the DFS work.
The project scope extends beyond rare earths. Round Top will produce yttrium along with technology metals including hafnium, zirconium, and gallium.
USAR is building a fully integrated value chain. The company’s operations span from heavy rare earth processing through permanent magnet manufacturing. This vertical integration reduces dependence on foreign suppliers.
The company recently announced plans for a 3,750 metric ton per annum metal and alloy production facility in Lacq, France. That facility will work with Carester SAS’s oxide processing plant, scheduled to start operations in late 2026.
Benchmark maintains a Buy rating on USA Rare Earth with a $15.00 price target. The analyst firm points to the company’s strategic developments in both France and the United States.
China currently maintains restrictions on raw materials essential for U.S. production. These restrictions persist despite diplomatic agreements between the nations.
The Round Top project represents one of the largest rare earth deposits in the United States. The site contains commercially viable concentrations of heavy rare earth elements needed for defense applications, electric vehicles, and renewable energy technologies.
Fluor and WSP will work together on the engineering and construction management aspects. Both companies bring extensive experience in mining and industrial projects to the partnership.
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