Funding targets rare earths, battery materials, and workforce development to reduce reliance on foreign supply chains.
The US government has allocated over $2bn to support domestic mining projects, including $1.4bn for Sila Nanotechnologies to expand battery anode production. Additional funding exceeds $180m for workforce development in the sector.
Key investments include $150m for Niron Magnetics to develop rare earth-free magnets and $400m for Sunrise Energy Metals to establish a scandium value chain. The Export-Import Bank also committed $58m across three projects for boron, graphite, and tantalum production.
Officials framed the initiative as critical for national security and supply chain resilience, aligning with broader efforts to onshore critical mineral processing.