Company said it has spent more than 13 years in northeast Minnesota conducting extensive environmental, engineering, exploration, hydrogeological and community engagement work.  

As part of its stated ambition to challenge China’s dominance, the Biden administration saw an opportunity to revitalize a century-old rail line linking key African mines to an Atlantic Ocean port.

The Las Vegas-based company posted a net loss for the period ended Sept. 30 of $4.3 million.

Firm plans plans to de-risk and restart the mining operations, with the refurbishment of two existing mineral concentrator plants.

"For me M&A is an ad hoc opportunity to create value," CEO Mark Bristow told Reuters.

Worries have been mounting that global EV demand is softening.

The company said its patented process converts coal and coal-related mining waste into high-quality, affordable carbon nanosheets — also known as graphene.