Bank of America Corp DE acquired 1,518,145 shares of USA Rare Earth Inc. during the second quarter. The institution disclosed the new position in its latest 13F filing with the Securities and Exchange Commission.
The investment is valued at approximately $32,762,000. This purchase gives Bank of America a 0.68% stake in the company.
The move signals growing investor interest in the rare earth minerals sector, which is projected to expand significantly. USA Rare Earth is advancing plans to mine and process ore from its Round Top project to produce critical mineral products essential for various technologies.