US unveils $2B of financing commitments for mining

United States President Donald Trump on Friday announced more than $2 billion (C$2.8 billion) in financing pledges for critical minerals and other mining projects that he says will help the country cut its reliance on foreign suppliers such as China.

Most of that money – or $1.4 billion – will take the form of a conditional loan commitment from the U.S. Department of War for privately held, California-based battery materials maker Sila Nanotechnologies. Sila plans to use the financing to expand silicon-carbon anode manufacturing capacity at its Moses Lake, Washington facility and build a lithium-ion battery cell manufacturing plant.

Through its Office of Strategic Capital, the Department of War is also investing $400 million in Australia’s Sunrise Energy Metals (ASX: SRL) to develop what the White House calls a “full scandium value chain” that will include the world’s first primary scandium mine. Scandium is used in high-strength, heat-resistant aluminium alloys for applications including fighter aircraft and spacecraft.

“Critical minerals are the raw material of American strength,” Trump told a televised news conference Friday in Washington after attending a roundtable with mining industry executives.

“We want these essential products to be mined, refined and made right here in the USA.”

Rebuild capacity

The investments are intended to rebuild domestic capacity in mining, processing, refining, manufacturing and recycling, while strengthening the defence industrial base and reducing exposure to geopolitical supply disruptions, U.S. officials say.

The announcement comes as Washington seeks to reduce U.S. dependence on foreign sources of critical minerals and strengthen domestic supply chains. The Trump administration has signed or approved 160 minerals deals worth almost $40 billion since January 2025, according to the White House.

“We’re achieving our economic independence, ensuring that America is never again reliant on hostile foreign nations for the resources our country needs to dominate in the future,” Trump said.

Sitting alongside Trump were executives such as Ivanhoe Electric (NYSE-A, TSX: IE) executive chairman Robert Friedland, MP Materials (NYSE: MP) head James Litinsky and Resolution Copper CEO Victoria Peacey, who runs the Rio Tinto (LSE, NYSE, ASX: RIO) and BHP (LSE, NYSE, ASX: BHP) joint venture that’s seeking to build a mine in Arizona.

Washington last year invested $400 million in MP Materials, the country’s sole rare earths miner, making it the largest shareholder in the company. 

Magnet production

Other investments announced Friday include $150 million for Minnesota-based Niron Magnetics to expand production of domestic, rare-earth-free permanent magnets and more than $85 million for Standard Bauxite to secure supplies of refractory-grade bauxite used in high-temperature-resistant materials.

Scandium, boron, graphite, tantalum and niobium are among the other projects that will be getting U.S. government backing. Trump also announced more than $180 million for mining education and workforce development.

“We’re putting our miners back to work, and we’re reclaiming America’s rightful place as the minerals superpower of the world,” Trump said.

Another U.S. government entity, the Development Finance Corporation is matching a $4.8 million investment into Harena Rare Earths (LSE: HREE; US-OTC: CRMNF) to help the company develop a rare earth mine in Madagascar. Output from the mine will help the U.S. secure inputs for manufacturing such as magnet metal and rare earths, the White House said.