New Trump order to expand critical mineral production – ET Auto

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President Donald Trump is invoking emergency powers to boost the ability of the US to produce critical minerals-and potentially coal-as part of a broad effort to ramp up the development of domestic natural resources and make the country less reliant on foreign imports.

An executive order signed by the president Thursday taps the Defense Production Act as part of an effort to provide financing, loans and other investment support to domestically process critical minerals and rare earth elements, according to a White House official. The US International Development Finance Corporation, working with the department of defense, will provide financing for new mineral production projects.

The order, which also encourages faster permitting for mining and processing projects and a directive for the interior department to prioritise mineral output on federal land, comes as a direct response to long-held concerns among the US and allies that China overwhelmingly controls the processing of some of the most important critical minerals.

These elements are used in a number of products from batteries to defence systems that are seen as crucial to the nation’s energy and security. Despite having some critical minerals, the US currently imports a significant amount, creating economic and security risks, as per the White House. The administration said the US is import-reliant on at least 15 critical minerals and 70% of imports of rare earths come from China.
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