Trump's big move to counter China over critical minerals includes over ₹28,100 crore investment — here's how
President Donald Trump said that his administration will invest $3 billion (over ₹28,100 crore) in critical minerals and battery projects as part of efforts to
President Donald Trump said that his administration will invest $3 billion (over ₹28,100 crore) in critical minerals and battery projects as part of efforts to expand domestic production and strengthen national security and industrial policy. According to Reuters, during a roundtable at the State Department focused on supporting the industry, Trump told over 200 mining executives, educators, investors and fellow politicians, "We're reclaiming America's rightful place as the minerals superpower of the world." He stated the sector had not received adequate attention from Washington in recent years. Trump announced several investments during his address, including a $1.4 billion conditional loan from the Defense Department's Office of Strategic Capital to Sila Nanotechnologies, a company that manufactures components for lithium-ion batteries. The OSC also announced a $400 million conditional loan for scandium miner Sunrise Energy Metals, along with a $150 million conditional loan for magnet developer Niron Magnetics. The US Export-Import Bank will provide $58 million in lending to Westwater Resources, Global Advanced Metals and 5E Advanced Materials, according to Reuters. "Critical minerals are the raw materials of American strength that power everything from advanced weaponry to automobiles, and we want these essential products to be mined, refined and made right here in the USA," Trump said.
Interior Secretary Doug Burgum, Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick and Security Council official David Copley were present at the announcement. Also Read | Donald Trump signs fresh executive orders to limit birthright citizenship in US The White House is seeking critical minerals to replenish weapons stockpiles depleted during the Iran conflict and lessen US reliance on Chinese supply chains. Several executives attending the event also presented gifts to Trump. Tom Albanese, chairman of deep-sea mining company American Ocean Minerals, handed the president a gold replica of a seabed nodule that the firm hopes to extract from the Pacific Ocean. Trump said last year that he could bypass the UN-backed International Seabed Authority and grant licences for international seabed mining. Jim Litinsky, CEO of rare earths producer MP Materials, which receives financial backing from the Pentagon, presented Trump with magnets manufactured for General Motors at the company's Texas facility. Also Read | Federal Judge reveals death threats and intimidation after blocking Trump policy The event was also attended by executives from Lithium Americas, which is developing the largest lithium mine in the US; NioCorp, which is constructing a scandium mine intended to supply defence contractor Lockheed Martin; and Energy Fuels, which received a $725 million conditional loan from the OSC in June.
The BriefWire