U.S. Plans to Invest USD1B in Strengthening Critical Mineral, Materials

(MENAFN) The U.S. government has unveiled a proposal to allocate nearly $1 billion in funding aimed at accelerating the nation's development of vital minerals and materials, the U.S. Department of Energy announced Wednesday.

The proposed funds are designed to enhance the mining, processing, and manufacturing capabilities within the country’s critical minerals and materials supply chains, the department said in a statement.

Of the total, $500 million will be directed towards expanding U.S. capacity for processing critical minerals, as well as advancing battery manufacturing and recycling efforts. Additionally, up to $135 million will be set aside to support the U.S. supply chain for rare earth elements, according to the department’s Office of Manufacturing and Energy Supply Chains.

Meanwhile, the Office of Fossil Energy and Carbon Management is planning to allocate approximately $250 million to facilities such as coal plants, and up to $50 million will be designated to enhance processes within the rare earth magnet supply chain, which plays a key role in semiconductor production.

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