The US Department of Defence said on Monday it would invest US$25 million in rare earths start-up ReElement Technologies, part of a broader push by the Trump administration to boost domestic supplies of critical minerals and challenge China’s dominance of the sector.ReElement aims to use a novel processing technology to refine rare earths and other critical minerals at its planned commercial facility in Marion, Indiana.The rare earths are expected to be used in magnets found in a range of military equipment, including fighter jets, missiles and submarines.It was not immediately clear if the US$25 million investment is in the form of a grant, loan or another funding mechanism.Representatives for the Pentagon and ReElement were not immediately available to comment.China dominates global rare earths processing and magnet production, a strategic supply chain the United States and its allies have been seeking to diversify.
Pentagon invests US$25 million into rare earths start-up ReElement Technologies
The move is part of a push by the US to boost domestic supplies of critical minerals and challenge China’s dominance of the sector.
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