On November fourth, the Trump administration unveiled a groundbreaking $1.4 billion partnership with Vulcan Elements and ReElement Technologies, aiming to bolster America's access to rare earth materials crucial for high-tech goods and military equipment. This deal, part of a broader effort to strengthen the U.S. supply chain, will enable Vulcan and ReElement to significantly increase their magnet production, with a target of ten thousand tons annually. The investment, which includes a $620 million loan from the Defense Department and $550 million from private investors, is set to expedite U.S. production of rare earth magnets for American manufacturers, ensuring a robust and secure supply chain.
The Daily News Now! - Every city. Every story. Powered by AI.
Hosted on Acast. See acast.com/privacy for more information.
