U.S. to invest $3 billion in minerals projects to boost supply chains
Minerals including rare earths, tungsten, germanium and scandium are essential for precision-guided missiles and other advanced weapons.
The United States government announced on Friday that it will invest $3 billion into several critical minerals and battery projects to enhance domestic production, bolster national security, and strengthen industrial policy. President Donald Trump addressed over 200 mining executives, educators, investors, and politicians at a roundtable discussion at the State Department, emphasizing the need to reclaim America's position as a leading "minerals superpower."
Trump outlined a series of investments during his speech, with the U.S. Department of Defense's Office of Strategic Capital offering a $1.4 billion conditional loan to Sila Nanotechnologies, a company specializing in lithium-ion battery components. Additionally, Sunrise Energy Metals, a scandium miner, received a $400 million conditional loan, while magnet developer Niron Magnetics secured a $150 million conditional loan.
The U.S. Export-Import Bank will provide $58 million in loans to Westwater Resources, Global Advanced Metals, and 5E Advanced Materials, further bolstering the industry's growth and development.
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