Rare-Earth Refiner Phoenix Gets Traxys Backing to Boost Supply

Rare-earth refiner Phoenix Tailings Inc. has raised $30.2 million from investors, including metals trader Traxys North America LLC, to expand facilities that recover key minerals from mining waste.

The company, which processes rare-earth elements in the US, raised the funds through a Series B round that values the firm at $360 million, according to Chief Executive Officer Nick Myers. Phoenix also signed a memorandum of understanding with Traxys to work toward an offtake agreement for rare-earth metals, he said.