Trump Touts $3 Billion in Minerals Projects to Counter China

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Or sign-in if you have an account.(Bloomberg) — President Donald Trump touted $3 billion in US investments in critical minerals mining at a meeting Friday with top industry executives aimed at weaning the US off supply chains dominated by China.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountTrump said the projects would “create thousands of jobs and promote our economic stability and security,” at an event at the State Department. “We’re putting our miners back to work, and we’re reclaiming America’s rightful place as the minerals superpower of the world,” he added.Trump said the investments included a $1.4 billion loan agreement with Sila Nanotechnologies Inc. from the Defense Department’s Office of Strategic Capital. Other investments include $400 million by the Pentagon to expand production in Australia of scandium, which is critical to aerospace and defense industries, and $150 million with Niron Magnetics Inc., a Minnesota rare-earths firm.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe Export-Import Bank is also working to provide more than $1 billion in financing for Ivanhoe Electric Inc.’s Santa Cruz copper project in Arizona, along with a $25 million investment to launch a graphite mine project in Alabama.The president also hailed plans to spend over $180 million to bolster educational programs for the mining industry, saying it would “train the next generation of American miners.”Trump said his efforts would ensure the US “is never again reliant on hostile foreign nations for the resources our country needs to dominate in the future.”The president was expected to be joined by executives from prominent companies, including Rio Tinto Group, BHP Group and Freeport-McMoRan Inc., MP Materials Corp., USA Rare Earth Inc., Energy Fuels Inc., US Antimony Corp., Sunrise Energy Metals Ltd., and The Metals Company.The event showcases administration efforts to spur US critical minerals development and processing ahead of a planned visit by Chinese President Xi Jinping to Washington in September. Trump said that under his administration domestic mines were reopening at a fast pace, including what he said was the first American rare-earth mine in more than 70 years and the construction of the first new aluminum smelter since 1980.Despite a trade truce that eased export controls over critical minerals and magnets essential to a host of cutting edge industries, rare earths remain a source of tension between the world’s two largest economies. The US has sought to partner with domestic companies to build out a mine-to-magnet supply chain independent of China.The federal government has already pledged more than $10 billion of investments in a bid to jump-start nascent US markets for rare earths and permanent magnets. The Pentagon kicked off the spending spree more than a year ago, announcing it would take a $400 million preferred equity stake in MP Materials — the sole domestic rare earths producer — and the US has since announced other projects the government is championing.While the scale of the US critical minerals build-out is enormous, there have been serious challenges and slow progress in developing the domestic industry.—With assistance from Jacob Lorinc.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.