USA Rare Earth completes merger with Serra Verde Group

USA Rare Earth (Nasdaq: USAR) announced the completion of its combination with Serra Verde Group on September 3, 2026, creating what the company describes as one of the only fully integrated rare earth and permanent magnet platforms outside Asia.

Serra Verde operates a mining and processing facility in Goiás, Brazil, which began production in January 2024. The operation is currently in an optimization and commissioning phase, with ramp-up expected in the third quarter of 2026. The first stage of the program is expected to reach a run-rate of approximately 4,000 tons per annum (tpa) of total rare earth oxide (TREO) production by the end of 2026. A second-stage expansion targeting average production of 6,400 tpa of TREO is under construction, with commissioning expected to begin within 12 months.

The combined company spans upstream, midstream, and downstream assets across the United States, Brazil, the United Kingdom, and France.

As part of the transaction, Thras Moraitis, formerly chief executive of Serra Verde, has been appointed president of USA Rare Earth and joined its board of directors. On October 1, 2026, Barbara Humpton will retire as chief executive officer, with Moraitis set to succeed her. Sir Mick Davis, former chairman of Serra Verde and former chief executive of Xstrata plc, also joined the USA Rare Earth board.

Moelis & Company LLC served as financial advisor and Latham & Watkins LLP as legal counsel for USA Rare Earth. Goldman Sachs & Co. LLC served as financial advisor and White & Case LLP as legal counsel for Serra Verde. Allen Overy Shearman Sterling US LLP acted as legal counsel for Serra Verde's shareholders.

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