Biden Makes Strategic Investment To Counter China's Rare Earth Dominance

The U.S. federal government has allocated $35 million for a company that plans to develop a processing facility for rare earth metals in California. The investment is part of nascent efforts to reduce U.S. dependence on Chinese rare earths. Per a Bloomberg report, the company, Nevada-based MP Materials Corp, will invest $700 million of its own money in the project, which will not only be focused on rare earths mining and processing but seek to build a whole supply chain for permanent magnets, which are a key component of electric vehicles and wind…