WASHINGTON – President Donald Trump touted US$3 billion (S$3.83 billion) in US investments in critical minerals mining at a meeting on Aug 7 with top industry executives aimed at weaning the US off supply chains dominated by China.

Trump 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 US$1.4 billion loan agreement with Sila Nanotechnologies from the Defence Department’s Office of Strategic Capital to expand production of silicon battery anodes and lithium-ion battery cells.

Other investments include US$400 million to Sunrise Energy Metals by the Pentagon to expand production in Australia of scandium, which is critical to aerospace and defense industries, and US$150 million with Niron Magnetics, a Minnesota magnet-making firm.

The Export-Import Bank is also working to provide more than US$1 billion in financing for Ivanhoe Electric’s Santa Cruz copper project in Arizona – as part of a previously announced agreement – along with a US$25 million investment to launch a graphite mine in Alabama.

The president also hailed plans to spend over US$180 million to bolster educational programmes for the 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 joined by executives from prominent companies, including Rio Tinto Group, BHP Group, MP Materials, USA Rare Earth, Energy Fuels, US Antimony and The Metals Company.

The event showcased administration efforts to spur US critical minerals development and processing before a planned visit by Chinese President ...