Tronox Holdings plc (NYSE: TROX) and JX Advanced Metals Corporation have signed a cooperation and investment agreement to advance rare earth and critical minerals processing across Australia, the United States, and Japan, according to a company statement.

Under the agreement, the two companies will each fund 50% of approximately $32 million to support a definitive feasibility study for a proposed rare earth cracking and leaching facility in Australia and a pre-feasibility study for a proposed rare earth oxide refinery in the United States. The funding also covers development of a U.S.-based pilot facility to produce initial quantities of high-purity rare earth oxides.

Tronox plans to locate the Australian cracking facility in the Rockingham Industrial Zone in Western Australia, near its existing Kwinana titanium dioxide plant. The U.S. refinery is expected to be built on Tronox-owned land adjacent to its Hamilton, Mississippi facility. Together, the two sites aim to produce up to 10,000 tonnes per annum of total rare earth oxides.

The agreement also contemplates joint development of other critical minerals from Tronox's mineral resources, including niobium, scandium, zirconium, and hafnium.

If feasibility studies confirm technical and commercial viability, Tronox and JX Advanced Metals said they would explore forming a joint venture to fund, build, and operate the assets. The companies said they have engaged with several government-backed financing institutions, including the U.S. Export-Import Bank, Export Finance Australia, and relevant Japanese financial institutions.

Tronox CEO John D. Romano said the agreement creates "a pathway toward a secure, reliable, and globally competitive source of high-purity rare earth oxides and other critical minerals." JXAM President and CEO Hayashi Yoichi said the partnership would leverage complementary strengths in mineral resources and nonferrous metals expertise.