US President Donald Trump, during a meeting with key industry leaders, announced US investments of 3 billion dollars in the extraction of critical minerals, aiming to free the United States from supply chains dominated by China.
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Trump stated that the projects “will create thousands of jobs and promote our economic stability and security,” during an event held at the Department of State. “We are putting our miners back to work and reclaiming America’s rightful role as a global superpower in the mining sector,” he added.
The president specified that the investments include a 1.4 billion dollar loan agreement with Sila Nanotechnologies from the Department of Defense’s Strategic Capital Office. Other investments include 400 million dollars from the Pentagon to expand scandium production in Australia, a key element for the aerospace and defense industries, and 150 million dollars with Niron Magnetics, a Minnesota-based rare earth company.
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The Export-Import Bank is also working to provide over 1 billion dollars in financing for Ivanhoe Electric’s copper mining project in Santa Cruz, Arizona, along with a 25 million dollar investment to start a graphite mine project in Alabama.
The president also praised plans to spend over 180 million dollars to enhance training programs for the mining industry, stating that this “will train the next generation of American miners.”
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