Biden to Announce Progress on Supply With Critical Minerals

22. February 2022 | Market

Focus on reducing dependence on China for rare earths and battery base materials.

U.S. President Joe Biden will meet with business and political leaders today to announce major investments in the domestic value chain for critical raw materials, according to a White House press release. For example, MP Materials, a mining company that extracts rare earths in California, will receive $35 million in funding from the Defense Department budget. The money will be used to establish a full supply chain for permanent magnets made from materials mined there. The company also plans to invest $700 million in the venture by 2024.

According to the press release, Berkshire Hathaway Energy Renewables will also announce that it will break ground in the spring on a pilot plant to extract lithium from geothermal brine. The light metal, like the rare earths neodymium and praseodymium, is important for electromobility.

Among other things, discussions will also be held about the test plant for the extraction of rare earths and other critical raw materials from coal ash and other residues from the coal industry (we reported).

Photo: iStock/lucky-photographer

California MP_Materials