US President Donald Trump says the federal government will invest $US3 billion ($A4.2 billion) in multiple critical minerals and battery projects as part of a push to increase domestic production and boost national security and industrial policy.
“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 on Friday aimed at supporting the industry, which he said had not received enough attention from Washington.
He announced a slew of investments during his speech, including a $US1.4 billion ($A2 billion) conditional loan from the US Department of Defense’s Office of Strategic Capital for Sila Nanotechnologies, which makes lithium-ion battery parts.
The OSC also extended a $US400 million conditional loan to scandium miner Sunrise Energy Metals and a $US150 million conditional loan to magnet developer Niron Magnetics.
The US Export-Import Bank will lend $US58 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 cars, 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 also attended.
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 said in 2025 he could bypass the United Nations-backed International Seabed Authority and issue international seabed mining licences.
Jim Litinsky, chief executive of rare earths firm MP Materials, which is financially supported by the Pentagon, gave Trump magnets 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 $US725 million 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 replenishing some inventories could take years given existing production constraints, even as 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, armoured vehicles, infrared sensors and other advanced weapons systems, according to Pentagon officials and defence companies.
Since returning to office, Trump has launched a $US12 billion strategic minerals stockpile, backed equity investments in companies developing US mines and processing facilities, and sought to limit defence contractors relying on supplies from China.
The administration says government support is needed to counter decades of Chinese investment that has left Beijing dominant in the mining and processing of many strategic minerals.
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