Peabody Energy (BTU) was selected by the US Department of Energy for funding to advance rare earth and critical mineral recovery from its Wyoming Powder River Basin resources, the company said Tuesday.

The funding will support the company's efforts to evaluate and develop the recovery of rare earth elements and critical minerals, complementing a grant awarded earlier this year by the Wyoming Energy Authority, it said.

Peabody said the initiative is intended to help establish a secure domestic supply chain for materials used in energy, technology and national security applications.

Peabody Energy shares were down 1.3% in Tuesday trading.

Price: 22.38, Change: -0.30, Percent Change: -1.32