Trump Administration Invests $3 Billion in Critical Minerals and Battery Projects at State Department Roundtable

Trump will meet with mining sector leaders as his administration seeks to secure minerals for defense supply chains, according to Reuters information provided on 07/08/2026 at 12:01. ((Automated Reuters translation using machine learning and generative AI, please refer to the following disclaimer: https://bit.ly/rtrsauto)) * Trump will meet with leaders of the mining sector as the United States advances its program on strategic minerals * The war against Iran raises concerns about weapon stocks and supply chains * The administration aims to attract billions in investment and to develop a national mining workforce by Jarrett Renshaw and Ernest Scheyder U.S. President Donald Trump will convene Friday at the State Department the leaders of some of the world’s largest mining companies, as his administration intensifies its efforts to ensure national and allied mineral supply for strategic minerals, a cornerstone of its national security policy and industrial policy. The White House needs these strategic minerals to replenish weapon stocks depleted during the conflict with Iran and to reduce the United States’ dependence on Chinese supply chains. U.S. forces used a large number of precision-guided missiles and air defense interceptor missiles during the five-month war against Iran. Defense officials and lawmakers warned that rebuilding certain stocks could take years given existing production constraints, even though the Trump administration has disputed reports of significant shortages. Mineral supplies, including rare earths, tungsten, germanium, and scandium, are essential to making precision-guided missiles, fighter jets, armored vehicles, infrared sensors, and other cutting-edge weapons systems, according to Pentagon officials and defense industry companies. The White House frequently hosts roundtables to showcase business leaders’ support, surrounding Trump with industry leaders who praise his policies and highlight the administration’s economic priorities. This format allows companies to publicly back White House initiatives while giving Trump a platform to promote his efforts to spur investment, manufacturing, and U.S. competitiveness. Heavyweights of the industry, including Rio Tinto Group, BHP Group, Freeport-McMoRan Inc, MP Materials Corp, USA Rare Earth Inc, Energy Fuels Inc, and The Metals Company, are expected to be present. According to a source close to the event’s organization, the administration plans to announce several agreements and memoranda of understanding. It also seeks to address the shortage of engineers, geologists, miners, and technicians needed to develop the national mining industry. Earlier Friday, the Energy Department was set to host representatives from the 14 accredited U.S. mining schools to promote careers in the mining sector and encourage more students to pursue this field. Officials noted that China’s vast network of mining universities constitutes a key advantage in its dominance of global mineral production. Since returning to power, Donald Trump has launched a strategic minerals stockpiling program valued at $12 billion, supported equity stakes in companies developing mines and processing facilities in the United States, and sought to curb reliance by defense subcontractors on Chinese supply sources. The administration believes government backing is necessary to counter decades of Chinese investment that have enabled Beijing to dominate the extraction and processing of many strategic minerals.

Subscribe to notifications Get the latest news and updates from Dawn Not Now Allow Notifications Trump administration to invest $3 billion in minerals projects to boost US defence supply chains Reuters Published August 8, 2026 Updated 31 minutes ago Email 0 !The headframes of mining shafts 10 and 9 at Resolution Copper Mining's east plant near Superior, Arizona, June 14, 2017. —Reuters/File The headframes of mining shafts 10 and 9 at Resolution Copper Mining's east plant near Superior, Arizona, June 14, 2017. —Reuters/File Listen to article 1x 1.2x 1.5x comments The US government will invest $3 billion in critical minerals and battery projects as part of a push to increase domestic production and boost national security and industrial policy, US President Donald Trump said on Friday. “We’re reclaiming America’s rightful place as the minerals superpower of the world,” Trump told more than 200 mining executives, educators, investors and fellow politicians at a roundtable at the State Department aimed at supporting the industry, which he said had not received enough attention from Washington in recent years. He announced a slew of investments during his speech, including a $1.4bn conditional loan from the Defence Department’s Office of Strategic Capital for Sila Nanotechnologies, which makes lithium-ion battery parts. The OSC also extended a $400 million conditional loan to scandium miner Sunrise Energy Metals and a $150m conditional loan to magnet developer The US Export-Import Bank will lend $58m to Westwater Resources, Global Advanced Metals and 5E Advanced Materials, which _Reuters_ reported earlier on Friday. “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 National Security Council official David Copley attended the announcement. [](https://www.dawn.com/news/2021463/trump-administration-to-invest-3-billion-in-minerals-projects-to-boost-us-defence-supply-chainsweapons-stockpiles-drive-mineral-demand "Permalink")Weapons stockpiles drive mineral demand The White House needs critical minerals to replenish weapons stockpiles depleted during the Iran conflict and reduce US dependence on Chinese supply chains. Several executives came with gifts for Trump. Tom Albanese, chairman of deep-sea mining firm American Ocean Minerals, gave Trump a gold replica of a nodule that the company hopes to mine from the Pacific seabed. Trump last year said he may bypass the UN-backed International Seabed Authority and issue international seabed mining licenses. Jim Litinsky, CEO of rare earths firm MP Materials, which is financially supported by the Pentagon, gave Trump magnets that had been produced for General Motors in the company’s Texas plant. Other attendees included executives from Lithium Americas , which is building the largest US lithium mine, NioCorp, which is building a scandium mine to supply defence contractor Lockheed Martin, and Energy Fuels , which received a $725m US forces have burned through large numbers of precision-guided missiles and air-defence interceptors during the five-month-old US- Iran war. Defence officials and lawmakers have warned that replenishing some inventories could take years given existing production constraints. The Trump administration has disputed reports of significant shortages. Supplies of minerals including rare earths, tungsten, germanium and scandium are essential for manufacturing precision-guided missiles, fighter aircraft, armored vehicles, infrared sensors and other advanced weapons systems, according to Pentagon officials and defence companies. [](https://www.dawn.com/news/2021463/trump-administration-to-invest-3-billion-in-minerals-projects-to-boost-us-defence-supply-chainsmining-schools-receive-funding-boost "Permalink")Mining schools receive funding boost The Department of Energy on Friday hosted representatives from all 14 accredited US mining schools to promote mining careers and encourage more students to enter the field. The department announced $100m in grants to help boost educational programs and set a goal of doubling the number of mining-related graduates at the nation’s universities within two years. “We need to work on some systemic changes to how we as a nation want to offer our brightest students an opportunity to participate in this industry,” said Assistant Energy Secretary Audrey Robertson. The Pentagon also said it would fund $80m in projects at three US mining schools. Officials have pointed to China’s extensive network of mining universities as a key advantage in its dominance of global mineral production. Since returning to office, Trump has launched a The administration says government support is needed to counter decades of Chinese investment that left Beijing dominant in the mining and processing of many strategic minerals. Australia’s government on Saturday welcomed the Trump administration’s loan to Sunrise Energy Metals, which is developing a scandium mine in the country’s New South Wales state. “The Sunrise Scandium Project hosts the world’s largest and highest-grade known scandium resource, which has a range of vital aerospace, defence and clean energy applications,” Resources Minister Madeleine King said in a statement. 0 World 0 Read more US firms look to Pakistan for critical mineral supplies Here it comes US unveils new tariffs on 60 trade partners, including Pakistan, over forced labour concerns Comments Branded Content The Vertical breaks ground on Elevation, marking another milestone in its growth The ceremony, attended by investors, business leaders, industry stakeholders and prospective buyers, officially marked the start of construction on a project set to redefine the retail landscape of one of Lahore's most iconic commercial districts. 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✕ Home News Analysis Agro-Forestry Art & Culture Technology Economy & Business Education Energy & Extractives Politics Law & Governance Health Science & Environment Social & Gender Sports Transport Urban Development WASH Research LogIn/SignUp Close the sidebar US to Invest $3 Billion in Critical Mineral and Battery Projects President Donald Trump announced a $3 billion federal investment into critical minerals and battery projects. This includes loans to companies developing these resources domestically to boost national security. Officials emphasize the need to replenish critical mineral reserves and reduce reliance on Chinese supply chains. Economy & Business Devdiscourse News Desk | United States Updated: 08-08-2026 03:05 IST | Created: 08-08-2026 03:05 IST !US to Invest $3 Billion in Critical Mineral and Battery Projects President Donald Trump declared a $3 billion federal initiative to enhance domestic critical minerals and battery projects. Announced at a State Department roundtable, the move aims to fortify national security and energize the U.S. industrial sector. Significant investments will see a $1.4 billion conditional loan to Sila Nanotechnologies, with additional loans affecting scandium miner Sunrise Energy Metals and magnet developer Niron Magnetics. The U.S. Export-Import Bank extends $58 million in loans to support several advanced materials companies. Amid geopolitical tensions, the administration seeks to replenish depleted weapon stockpiles and minimize dependency on Chinese supply chains, vital for manufacturing advanced military technologies. Mining education will receive a $100 million boost to encourage workforce development. (With inputs from agencies.) READ MORE ON critical minerals defense industry national security strategic minerals battery projects Donald Trump China supply chain U.S. investment mining education rare earths READ MORE {{title}} Next Article {{title}} {{subtitle}} {{subtitle}} {{/subtitle}}{{sector}} {{sector}} {{/sector}} {{source}}{{source}} {{/source}}{{isBlog}} {{/isBlog}}{{sourceUrl}} |{{sourceUrl}} {{/sourceUrl}}{{country}} |{{country}} {{/country}} Updated:{{modifiedOnString}}IST | Created:{{publishedOnString}}IST {{imageCopyright}} {{{description}}}{{disclaimer}} {{disclaimer}} {{/disclaimer}} {{tags}} READ MORE ON {{{tagArray}}} {{/tags}} PERSPECTIVES AND INSIGHTS {{authorImage}} {{author}} {{title}} LATEST NEWS {{country}} {{country}} {{/country}}{{^country}} Global {{/country}} {{title}} VIDEOS {{^defaultImage}} ► {{/defaultImage}} {{title}} View All HOME ABOUT CAREER ADVERTISEMENT PARTNERS CONTACT US Sectors Agro-Forestry Art & Culture Technology Economy & Business Education Energy & Extractives Politics Law & Governance Health Science & Environment Social & Gender Sports Transport Urban Development WASH Editions Pacific South Asia East and South East Asia Europe and Central Asia Central Africa East Africa Southern Africa West Africa Middle East and North Africa North America Latin America and Caribbean Disclaimer Terms of use Privacy Policy © Copyright 2026

“We’re reclaiming America’s rightful place as the minerals superpower of the world,” Trump told more than 200 mining executives, educators, investors and fellow politicians at a roundtable at the state department aimed at supporting the industry, which he said had not received enough attention from Washington in recent years. He announced a slew of investments during his speech, including a US$1.4 billion conditional loan from the defence department’s Office of Strategic Capital (OSC) for Sila Nanotechnologies, which makes lithium-ion battery parts. The OSC also extended a US$400 million conditional loan to scandium miner Sunrise Energy Metals and a US$150 million conditional loan to magnet developer Niron Magnetics. The US Export-Import Bank will lend US$58 million to Westwater Resources, Global Advanced Metals and 5E Advanced Materials, which Reuters reported earlier on Friday. “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 National Security Council official David Copley attended the announcement. Weapons stockpiles drive mineral demand The White House needs critical minerals to replenish weapons stockpiles depleted during the Iran conflict and reduce US dependence on Chinese supply chains. Several executives came with gifts for Trump. Tom Albanese, chairman of deep-sea mining firm American Ocean Minerals, gave Trump a gold replica of a nodule that the company hopes to mine from the Pacific seabed. Trump last year said he may bypass the UN-backed International Seabed Authority and issue international seabed mining licenses. Jim Litinsky, CEO of rare earths firm MP Materials, which is financially supported by the Pentagon, gave Trump magnets that had been produced for General Motors in the company’s Texas plant. Other attendees included executives from Lithium Americas, which is building the largest US lithium mine, NioCorp, which is building a scandium mine to supply defense contractor Lockheed Martin, and Energy Fuels, which received a US$725 million OSC conditional loan in June. US forces have burned through large numbers of precision-guided missiles and air-defense interceptors during the five-month-old Iran war. Defence officials and lawmakers have warned that replenishing some inventories could take years given existing production constraints. The Trump administration has disputed reports of significant shortages. Supplies of minerals including rare earths, tungsten, germanium and scandium are essential for manufacturing precision-guided missiles, fighter aircraft, armored vehicles, infrared sensors and other advanced weapons systems, according to Pentagon officials and defense companies. Mining schools receive funding boost The ebergy department on Friday hosted representatives from all 14 accredited US mining schools to promote mining careers and encourage more students to enter the field. The department announced US$100 million in grants to help boost educational programmes and set a goal of doubling the number of mining-related graduates at the nation’s universities within two years. “We need to work on some systemic changes to how we as a nation want to offer our brightest students an opportunity to participate in this industry,” said assistant energy secretary Audrey Robertson. The Pentagon also said it would fund US$80 million in projects at three US mining schools. Officials have pointed to China’s extensive network of mining universities as a key advantage in its dominance of global mineral production. Since returning to office, Trump has launched a US$12 billion strategic minerals stockpile, backed equity investments in companies developing US mines and processing facilities, and sought to limit defense contractors’ reliance on supplies from China. The administration says government support is needed to counter decades of Chinese investment that left Beijing dominant in the mining and processing of many strategic minerals. Australia’s government on Saturday welcomed the Trump administration’s loan to Sunrise Energy Metals, which is developing a scandium mine in the country’s New South Wales state. “The Sunrise Scandium Project hosts the world’s largest and highest-grade known scandium resource, which has a range of vital aerospace, defence and clean energy applications,” resources minister Madeleine King said in a statement.

By Jarrett Renshaw and Ernest Scheyder WASHINGTON, Aug 7 (Reuters) - The U.S. government will invest $3 billion in critical minerals and battery projects as part of a push to increase domestic production and boost national security and industrial policy, President Donald Trump said on Friday. “We’re reclaiming America’s rightful place as the minerals superpower of the world,” Trump told more than 200 mining executives, educators, investors and fellow politicians at a roundtable at the State Department aimed at supporting the industry, which he said had not received enough attention from Washington in recent years. He announced a slew of investments during his speech, including a $1.4 billion conditional loan from the Defense Department’s Office of Strategic Capital for Sila Nanotechnologies, which makes lithium-ion battery parts. The OSC also extended a $400 million conditional loan to scandium miner Sunrise Energy Metals and a $150 million conditional loan to magnet developer Niron Magnetics. The U.S. Export-Import Bank will lend $58 million to Westwater Resources, Global Advanced Metals and 5E Advanced Materials, which Reuters reported earlier on Friday. “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 National Security Council official David Copley attended the announcement. WEAPONS STOCKPILES DRIVE MINERAL DEMAND The White House needs critical minerals to replenish weapons stockpiles depleted during the Iran conflict and reduce U.S. dependence on Chinese supply chains. Several executives came with gifts for Trump. Tom Albanese, chairman of deep-sea mining firm American Ocean Minerals, gave Trump a gold replica of a nodule that the company hopes to mine from the Pacific seabed. Trump last year said he may bypass the U.N.-backed International Seabed Authority and issue international seabed mining licenses. Jim Litinsky, CEO of rare earths firm MP Materials, which is financially supported by the Pentagon, gave Trump magnets that had been produced for General Motors in the company’s Texas plant. Other attendees included executives from Lithium Americas, which is building the largest U.S. lithium mine, NioCorp, which is building a scandium mine to supply defense contractor Lockheed Martin, and Energy Fuels, which received a $725 million OSC conditional loan in June. U.S. forces have burned through large numbers of precision-guided missiles and air-defense interceptors during the five-month-old Iran war. Defense officials and lawmakers have warned that replenishing some inventories could take years given existing production constraints. The Trump administration has disputed reports of significant shortages. Supplies of minerals including rare earths, tungsten, germanium and scandium are essential for manufacturing precision-guided missiles, fighter aircraft, armored vehicles, infrared sensors and other advanced weapons systems, according to Pentagon officials and defense companies. MINING SCHOOLS RECEIVE FUNDING BOOST The Department of Energy on Friday hosted representatives from all 14 accredited U.S. mining schools to promote mining careers and encourage more students to enter the field. The department announced $100 million in grants to help boost educational programs and set a goal of doubling the number of mining-related graduates at the nation’s universities within two years. “We need to work on some systemic changes to how we as a nation want to offer our brightest students an opportunity to participate in this industry,” said Assistant Energy Secretary Audrey Robertson. The Pentagon also said it would fund $80 million in projects at three U.S. mining schools. Officials have pointed to China’s extensive network of mining universities as a key advantage in its dominance of global mineral production. Since returning to office, Trump has launched a $12 billion strategic minerals stockpile, backed equity investments in companies developing U.S. mines and processing facilities, and sought to limit defense contractors’ reliance on supplies from China. The administration says government support is needed to counter decades of Chinese investment that left Beijing dominant in the mining and processing of many strategic minerals. Australia’s government on Saturday welcomed the Trump administration’s loan to Sunrise Energy Metals, which is developing a scandium mine in the country’s New South Wales state. “The Sunrise Scandium Project hosts the world’s largest and highest-grade known scandium resource, which has a range of vital aerospace, defence and clean energy applications,” Resources Minister Madeleine King said in a statement. (Reporting by Jarrett Renshaw in Washington and Ernest Scheyder in Houston and Sam McKeith in Sydney; Editing by Colleen Jenkins, Nia Williams and Matthew Lewis)

By Jarrett Renshaw and Ernest Scheyder WASHINGTON, Aug 7 (Reuters) - Donald Trump announced on Friday that the U.S. government would invest $3 billion in projects related to critical minerals and batteries, as part of an initiative to boost domestic production, strengthen national security, and advance industrial policy. "We are going to reclaim the place that the United States deserves as a global superpower in the minerals sector," Trump told more than 200 mining sector executives, educators, investors, and politicians at a roundtable held at the State Department. Trump said the goal was to support an industry that, in his view, had not received enough attention from Washington in recent years. During his remarks, he announced a series of investments, including a conditional loan of $1.4 billion from the Department of Defense's Strategic Capital Office (OSC) to Sila Nanotechnologies, a company dedicated to manufacturing components for lithium-ion batteries. The OSC also approved a $400 million conditional loan to Sunrise Energy Metals, a scandium mining company, and another $150 million loan to Niron Magnetics, a magnetic materials development firm. The U.S. Export-Import Bank will extend a $58 million loan to Westwater Resources, Global Advanced Metals, and 5E Advanced Materials, Reuters reported on Friday. "Critical minerals are the raw materials that sustain the strength of the United States and drive everything from advanced weaponry to automobiles, and we want these essential products mined, refined, and manufactured right here in the United States," Trump added. The White House needs critical minerals to replenish weaponstocks depleted during the conflict with Iran and to reduce the United States’ dependence on Chinese supply chains. U.S. forces have consumed a large number of precision-guided missiles and air-defense interceptors during the five months of war with Iran. Defense officials and lawmakers have warned that replenishing some stocks could take years, given existing production constraints, even though the Trump administration has rebuked reports pointing to a significant shortage. Mineral supplies, including rare earths, tungsten, germanium, and scandium, are essential for manufacturing precision-guided missiles, fighter aircraft, armored vehicles, infrared sensors, and other advanced weapon systems, according to Pentagon officials and defense industry companies. (Jarrett Renshaw reporting; Spanish-language edition by Javier López de Lerida)

WASHINGTON, Aug 7 — United States (US) President Donald Trump said on Friday the federal government would invest US$3 billion (RM12.27 billion) into multiple critical minerals and battery projects as part of a push to increase domestic production and boost national security and industrial policy. "We are reclaiming America's rightful place as the minerals superpower of the world," he told over 200 mining executives, educators, investors, and fellow politicians during a roundtable at the State Department aimed at supporting the industry, which he said had not received enough attention from Washington in recent years. Trump also announced a slew of investments during his speech, including a US$1.4 billion (RM5.73 billion) conditional loan from the US Department of Defence's Office of Strategic Capital (OSC) for Sila Nanotechnologies, which makes lithium-ion battery parts. The OSC also extended a US$400 million (RM1.63 billion) conditional loan to scandium miner Sunrise Energy Metals and a US$150 million (RM613.5 million) conditional loan to magnet developer Niron Magnetics. On Friday, Reuters reported that the US Export-Import Bank will lend US$58 million (RM237.2 million) to Westwater Resources, Global Advanced Metals, and 5E Advanced Materials. "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," he said. Interior Secretary Doug Burgum, Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick, and National Security Council official David Copley also attended. Weapons stockpiles drive mineral demand The White House needs critical minerals to replenish weapons stockpiles depleted during the Iran conflict and reduce US. dependence on Chinese supply chains. Several executives came with gifts for Trump. Deep-sea mining firm American Ocean Minerals' chairman Tom Albanese gave the President a gold replica of a nodule the company hopes to mine from the Pacific seabed. Last year, Trump said he may bypass the United Nations-backed International Seabed Authority and issue international seabed mining licenses. Rare earths firm MP Materials chief executive officer Jim Litinsky, whose company is financially supported by the Pentagon, gave him magnets produced for General Motors at the company's Texas plant. Other attendees included executives from Lithium Americas, which is building the largest US lithium mine; NioCorp, which is building a scandium mine to supply defence contractor Lockheed Martin; and Energy Fuels, which received a US$725 million (RM2.96 billion) OSC conditional loan in June. US forces have burned through large numbers of precision-guided missiles and air-defence interceptors during the five-month-long Iran war. Defence officials and lawmakers have warned that replenishing some inventories could take years given existing production constraints, even as the Trump administration has disputed reports of significant shortages. Pentagon officials and defence companies have stated that supplies of minerals, including rare earths, tungsten, germanium, and scandium, are essential for manufacturing precision-guided missiles, fighter aircraft, armoured vehicles, infrared sensors, and other advanced weapons systems. Mining schools receive funding boost Similarly, on Friday, the Department of Energy hosted representatives from all 14 accredited US mining schools to promote careers in mining and encourage more students to enter the field. The department announced US$100 million (RM409 million) in grants to help boost educational programmes and set a goal of doubling the number of mining-related graduates at the nation's universities within two years. "We need to work on some systemic changes to how we as a nation want to offer our brightest students an opportunity to participate in this industry," said Assistant Energy Secretary Audrey Robertson. The Pentagon also said it would fund US$80 million (RM327.2 million) in projects at three US mining schools. Officials have pointed to China's extensive network of mining universities as a key advantage in its dominance of global mineral production. Since returning to office, Trump has launched a US$12 billion (RM49.08 billion) strategic minerals stockpile, backed equity investments in companies developing US mines and processing facilities, and sought to limit defence contractors' reliance on supplies from China. The administration says government support is needed to counter decades of Chinese investment that left Beijing dominant in the mining and processing of many strategic minerals.

US unveils critical minerals deals in latest push to counter China Trump administration seeks Beijing-free supply chains for key defence materials as Iran war strains US weapons stockpiles The United States on Friday announced several critical minerals agreements with multiple mining companies, marking its latest push to curb China’s dominance over the production and processing of strategic materials. While attending a round table with global mining industry executives at the State Department, US President Donald Trump, without naming China, said that his administration would ensure America is “never again reliant on hostile foreign nations for the resources our country needs to dominate in the future”. “We are putting our miners back to work, and we are reclaiming America’s rightful place as the minerals superpower of the world,” Trump added. “We are making mining great again.” The measures included around US$2 billion investments in multiple mining projects across the country and abroad, along with over US$180 million for mining workforce development. “Accredited mining programs in the United States now graduate less than 170 mining engineers each year, while China graduates more than 3,000 – and half of our current mining workforce is set to retire within the next three years,” Trump noted. Commerce Secretary Howard Lutnick and Secretary of State Marco Rubio also took indirect swipes at China over its critical minerals dominance.

By Jarrett Renshaw and Ernest Scheyder WASHINGTON, Aug 7 (Reuters) – The U.S. government will invest $3 billion in critical minerals and battery projects as part of a push to increase domestic production and boost national security and industrial policy, President Donald Trump said on Friday. “We’re reclaiming America’s rightful place as the minerals superpower […] Business Trump administration to invest $3 billion in minerals projects to boost US defense supply chains By Jarrett Renshaw and Ernest Scheyder WASHINGTON, Aug 7 (Reuters) – The U.S. government will invest $3 billion in critical minerals and battery projects as part of a push to increase domestic production and boost national security and industrial policy, President Donald Trump said on Friday. “We’re reclaiming America’s rightful place as the minerals superpower of the world,” Trump told more than 200 mining executives, educators, investors and fellow politicians at a roundtable at the State Department aimed at supporting the industry, which he said had not received enough attention from Washington in recent years. He announced a slew of investments during his speech, including a $1.4 billion conditional loan from the Defense Department’s Office of Strategic Capital for Sila Nanotechnologies, which makes lithium-ion battery parts. The OSC also extended a $400 million conditional loan to scandium miner Sunrise Energy Metals and a $150 million conditional loan to magnet developer Niron Magnetics. The U.S. Export-Import Bank will lend $58 million to Westwater Resources, Global Advanced Metals and 5E Advanced Materials, which Reuters reported earlier on Friday. “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 National Security Council official David Copley attended the announcement. WEAPONS STOCKPILES DRIVE MINERAL DEMAND The White House needs critical minerals to replenish weapons stockpiles depleted during the Iran conflict and reduce U.S. dependence on Chinese supply chains. Several executives came with gifts for Trump. Tom Albanese, chairman of deep-sea mining firm American Ocean Minerals, gave Trump a gold replica of a nodule that the company hopes to mine from the Pacific seabed. Trump last year said he may bypass the U.N.-backed International Seabed Authority and issue international seabed mining licenses. Jim Litinsky, CEO of rare earths firm MP Materials, which is financially supported by the Pentagon, gave Trump magnets that had been produced for General Motors in the company’s Texas plant. Other attendees included executives from Lithium Americas, which is building the largest U.S. lithium mine, NioCorp, which is building a scandium mine to supply defense contractor Lockheed Martin, and Energy Fuels, which received a $725 million OSC conditional loan in June. U.S. forces have burned through large numbers of precision-guided missiles and air-defense interceptors during the five-month-old Iran war. Defense officials and lawmakers have warned that replenishing some inventories could take years given existing production constraints. The Trump administration has disputed reports of significant shortages. Supplies of minerals including rare earths, tungsten, germanium and scandium are essential for manufacturing precision-guided missiles, fighter aircraft, armored vehicles, infrared sensors and other advanced weapons systems, according to Pentagon officials and defense companies. MINING SCHOOLS RECEIVE FUNDING BOOST The Department of Energy on Friday hosted representatives from all 14 accredited U.S. mining schools to promote mining careers and encourage more students to enter the field. The department announced $100 million in grants to help boost educational programs and set a goal of doubling the number of mining-related graduates at the nation’s universities within two years. “We need to work on some systemic changes to how we as a nation want to offer our brightest students an opportunity to participate in this industry,” said Assistant Energy Secretary Audrey Robertson. The Pentagon also said it would fund $80 million in projects at three U.S. mining schools. Officials have pointed to China’s extensive network of mining universities as a key advantage in its dominance of global mineral production. Since returning to office, Trump has launched a $12 billion strategic minerals stockpile, backed equity investments in companies developing U.S. mines and processing facilities, and sought to limit defense contractors’ reliance on supplies from China. The administration says government support is needed to counter decades of Chinese investment that left Beijing dominant in the mining and processing of many strategic minerals. Australia’s government on Saturday welcomed the Trump administration’s loan to Sunrise Energy Metals, which is developing a scandium mine in the country’s New South Wales state. “The Sunrise Scandium Project hosts the world’s largest and highest-grade known scandium resource, which has a range of vital aerospace, defence and clean energy applications,” Resources Minister Madeleine King said in a statement. (Reporting by Jarrett Renshaw in Washington and Ernest Scheyder in Houston and Sam McKeith in Sydney; Editing by Colleen Jenkins, Nia Williams and Matthew Lewis)

The funding is timed to coincide with Trump's meeting in Washington on Friday with executives from some of the world's largest mining companies to underscore the country's need for better supplies of minerals used to build weapons and electronics. Also read: Trump administration to invest $3 billion into minerals projects to boost US defense supply chains "Critical mineral security is national security," said John Jovanovic, ExIm's chairman, adding the funding aims to "fortify our supply chains, restore crucial industries that support well-paying American jobs and safeguard everyday Americans from supply shocks." Westwater Resources will receive a $25 million loan for its Alabama graphite mine and processing facility, in what would be the country's first source of so-called natural graphite. Graphite is the largest metal by volume used to build lithium-ion batteries. Also read: Trump launches $12 billion minerals stockpile to counter China Tantalum is primarily used to make capacitors for smartphones, automobiles and other electronics, whereas niobium is used as an alloy to harden steel for pipelines and airplanes. And 5E Advanced Materials will receive an $8 million loan to boost production of boron, which last year was added to a list of minerals considered critical by the U.S. government. The metal is used in the nuclear energy industry as well as in body armor and other defense-related products. The U.S. imports most of its boron needs. 5E's California boron project is slated to begin commercial production in 2028.