The 54 firms from 10 countries submitted statements of interest to develop 88 projects.

Efforts are part of India's membership under the US-led Minerals Security Partnership (MSP), which New Delhi joined last year to ensure critical minerals supply.

The company, in which Glencore Plc sold a controlling stake last month, is looking to divest its holding in a Chilean cement maker as well as real estate.

The company also announced that it plans to begin production at its flagship Neves project in Q4 2024.

Global supply chains for rare earths are realigning to diversify away from China.

The loan is expected to fund development efforts within the mining concessions that comprise the La Cobaltera cobalt-copper project.

Brazil holds the world's third-largest rare earth reserves.

The miner had previously landed supply deals with Ford Motors and battery maker LG Energy.