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Phoenix Tailings Inc. has raised $30.2 million, led by Traxys North America LLC, to expand its rare-earth refining facilities. The Series B funding values the company at $360 million. Phoenix aims to recover more minerals from mining waste and has signed a memorandum of understanding with Traxys for an offtake agreement. As the US seeks to reduce reliance on China for critical minerals, the investment comes at a vital time for the industry.