Harena Rare Earths (HREE) is moving into a formal application process with the Development Finance Corporation of the US for project development finance of up to US$5 million, intended to support the next phase of development activities at the Ampasindava rare earths project in Madagascar.

The move follows a series of high-level meetings with government officials in the US.

Separately, Harena has completed the technical submission of its preliminary feasibility study and is now engaged in a collaborative and highly interactive review process with the Ministry of Mines of the Republic of Madagascar to ensure the study aligns with the Ministry's specific, prescribed formatting requirements.

Submission of the Study represents a key milestone for Harena as it progresses towards the award of an Exploitation Permit for the Ampasindava Project.

"Our recent meetings in Washington D.C. and subsequent engagement with the DFC investment team represent meaningful progress in our project financing strategy, and we are encouraged to be moving into a formal application process for development funding,” said Ivan Murphy, executive chairman of Harena.

“We look forward to providing further updates as this process advances. In parallel, the submission of our pre-feasibility study is a pivotal moment in Harena's development and is the culmination of extensive technical work and sustained engagement with the Ministry of Mines of Madagascar. We sincerely thank Minister Carl Andriamparany and the Ministry for their collaborative and constructive approach throughout this process. The level of engagement has been highly encouraging and reflects the Ministry's progressive and commercially focused outlook as well as strong alignment between the company and the Government of Madagascar.” 

 

View from Vox

 

Harena has made rapid progress on several fronts throughout 2025, and has moved the Ampasindava project forward significantly. Government connections in the US have been crucial, and the engagement with the DFC is likely to be central to future funding plans. Ivan Murphy recently participated in a VOX Markets video interview summarising the company's progress over 2025 and outlining Harena's next steps in 2026, including permitting, financing and project development activities. You can watch it here:  

https://www.voxmarkets.com/articles/2026-will-be-a-massive-year-for-harena-rare-earths-e15438e