Trump unveils new critical minerals investments
The projects include a $1.4 billion loan for batteries, a $400 million loan for scandium, and a $150 million loan for magnets, plus $58 million in Export-Import Bank financing for graphite and boron.
President Trump announced a significant investment of over $2 billion into critical minerals projects and $180 million into mining schools, as part of his administration's strategy to bolster domestic production amid the Iran war. The funding will support various initiatives, including a $1.4 billion loan to Sila Nanotechnologies for battery production, $400 million for scandium, and $150 million for Niron Magnetics for magnet manufacturing.
Additional financing of $58 million will be provided by the Export-Import Bank for graphite and boron. Trump emphasized the importance of these investments, stating that critical minerals are the foundation of American strength and power, and that he aims to ensure these essential products are produced within the United States.
Brief written by urgent.news from Semafor's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.
