U.S. to allocate $3 billion for investment in critical minerals sector

The U.S. administration has allocated $3 billion for investment in the mining of critical minerals and the production of batteries, CNBC reports.

President Donald Trump announced several projects in this area at once, noting that it had received insufficient attention in recent years. In particular, the government plans to provide a $1.4 billion loan to Sila Nanotechnologies, a manufacturer of components for lithium-ion batteries, as well as $400 million to Australia's Sunrise Energy Metals, which mines scandium.

Another $150 million has been allocated as a loan to permanent magnet manufacturer Niron Magnetics.

Since returning to the White House, Trump has created a $12 billion strategic reserve of critical minerals, and has also supported the state's acquisition of stakes in companies developing the mining and processing of raw materials in the United States.

Washington needs critical minerals to replenish weapons stockpiles depleted during the conflict with Iran, as well as to reduce U.S. dependence on Chinese supply chains, CNBC notes.

Source: Interfax