India to increase rare earth magents incentive plan to $788M, Bloomberg says

India plans to nearly triple the size of its incentive program for rare earth magnet manufacturing to over $788M as it looks to build domestic capacity in the sector, Alisha Sachdev of Bloomberg reports, according to sources familiar with the matter. This proposal is a large step-up from the earlier $290M plan and it is possible for the final allocation to still change, the sources said. The Fly notes that companies involved in the development and mining of rare earth minerals include Nova Minerals (NVA), Ioneer (IONR), Lynas Rare Earths (LYSCF), MP Materials (MP), Energy Fuels (UUUU), NioCorp (NB) and VanEck Vectors Rare Earth/Strategic Metals ETF (REMX).