Political and Legislative
The Biden Administration Announces an Effort to Bolster the Mineral Supply Chain
The Biden administration announced on Tuesday actions taken by both the federal government and private industry that it says will bolster the critical mineral supply chain.
The minerals targeted by the administration are those used in technologies including electric vehicles, batteries, solar panels and wind turbines – as well as electronics and defense systems.
According to a White House fact sheet, on the private side, MP Materials will invest $700 million in the magnet supply chain, creating 350 jobs by 2024 and that the company will be given an additional $35 million from the federal government for a magnet supply chain and the processing of rare earth elements.
