US to invest US$3bil in critical minerals to boost defence supply chains
The White House needs critical minerals to replenish weapons stockpiles depleted during the Iran conflict and to reduce US dependence on China.
The United States government has announced a $3 billion investment in critical minerals and battery projects, with the aim of boosting domestic production and enhancing national security. President Donald Trump emphasized the importance of reclaiming America's status as the world's minerals superpower during a roundtable discussion at the State Department.
Several conditional loans were announced, including a $1.4 billion loan to Sila Nanotechnologies for lithium-ion battery components, a $400 million loan to scandium miner Sunrise Energy Metals, and a $150 million loan to magnet developer Niron Magnetics. The Export-Import Bank will provide $58 million in loans to Westwater Resources, Global Advanced Metals, and 5E Advanced Materials.
The White House needs these minerals to replenish weapons stockpiles depleted during the Iran conflict and reduce dependence on Chinese supply chains. The administration has highlighted the essential role of critical minerals in manufacturing advanced weaponry, automobiles, and other high-tech products. The Pentagon has also launched a $12 billion strategic minerals stockpile initiative and provided $80 million in funding to three US mining schools to encourage more students to enter the field.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
