Trump administration to invest $3 billion into minerals projects to boost defens...

President Donald Trump announced a $3 billion investment into critical minerals and battery projects aimed at bolstering domestic production and enhancing national security. The White House aims to increase America's role as the "minerals superpower of the world" by reducing reliance on Chinese supply chains.

The funds will be allocated across various projects, including a $1.4 billion conditional loan to lithium-ion battery manufacturer Sila Nanotechnologies, a $400 million loan to scandium miner Sunrise Energy Metals, and a $150 million loan to magnet developer Niron Magnetics. Additional support will come from the US Export-Import Bank, which will lend $58 million to Westwater Resources, Global Advanced Metals, and 5E Advanced Materials.

Trump highlighted the importance of critical minerals, stating that they are essential for manufacturing advanced weaponry, vehicles, and other defense systems. The federal government is keen to replenish weapons stockpiles depleted during the Iran conflict and minimize dependence on Chinese supplies. The administration emphasizes that government backing is necessary to counter decades of Chinese investment that has left Beijing dominant in strategic mineral production.

Several executives attended the event, presenting gifts to Trump, including a gold replica of a nodal mineral for deep-sea mining firm American Ocean Minerals and magnets produced for General Motors in the Pentagon's Texas plant. The Department of Energy also hosted 14 accredited US mining schools to promote mining careers and increase the number of mining graduates.