Trump announces $3 billion investment push for US critical minerals and battery projects
The US government will invest $3 billion in critical minerals and battery projects to expand domestic production and reduce reliance on Chinese supply chains.
Washington, United States. President Donald Trump announced $3 billion in investments for critical minerals and battery projects, describing the initiative as part of efforts to strengthen domestic production, national security and industrial policy.
Investment announcements
Speaking at a State Department roundtable attended by more than 200 mining executives, educators, investors and politicians, Trump said the mining industry had not received sufficient attention from Washington in recent years.
He announced a $1.4 billion conditional loan from the Defence Department’s Office of Strategic Capital to Sila Nanotechnologies, which produces lithium-ion battery components.
The office also issued a $400 million conditional loan to scandium miner Sunrise Energy Metals and a $150 million conditional loan to magnet developer Niron Magnetics.
The US Export-Import Bank will lend $58 million to Westwater Resources, Global Advanced Metals and 5E Advanced Materials.
Supply chain and security aims
Trump said critical minerals were needed for products ranging from advanced weaponry to automobiles and that the administration wanted them to be mined, refined and manufactured in the United States.
The White House is seeking critical minerals to replenish weapons stockpiles depleted during the Iran conflict and to reduce US dependence on Chinese supply chains.
Interior Secretary Doug Burgum, Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick and National Security Council official David Copley attended the announcement.
Industry representatives
Several executives presented Trump with gifts during the roundtable.
Tom Albanese, chairman of deep-sea mining company American Ocean Minerals, gave Trump a gold replica of a nodule the company hopes to mine from the Pacific seabed. Trump said last year that he may bypass the UN-backed International Seabed Authority and issue international seabed mining licences.
Jim Litinsky, chief executive of rare earths company MP Materials, which receives Pentagon financial support, gave Trump magnets produced for General Motors at the company’s Texas plant.
This news item was generated automatically by Cyprus Inform from publicly available materials. Report an error →
