US Army awards 75-year Utah depot lease for heavy rare earth refining
The term sheet gives REalloys access to 200 acres at Tooele Army Depot to separate dysprosium and terbium ahead of a 2027 Pentagon ban on Chinese magnets.
The U.S. Department of the Army executed a commercial term sheet on Nov. 4, 2026, for an unprecedented 75-year lease to site a heavy rare earth processing plant on military land in Utah.
The agreement grants REalloys Inc. access to 200 acres—roughly 810,000 square meters—at Tooele Army Depot to separate dysprosium and terbium. China currently controls more than 99% of global separation capacity for those two heavy rare earth elements.
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