JPMorgan Chase said Monday that it will invest $10 billion in companies that are critical to U.S. national security. The bank is committed to facilitating $1.5 trillion in investments for companies deemed "critical to national economic security and resiliency" over the next 10 years, an amount that includes the $10 billion of its own capital as it follows the US government's lead and pursues stakes in mineral mining companies, defense contractors and artificial-intelligence firms.
And speaking of investments in mining and the mineral supply chain, GM's investment bet is now paying off. In 2021, GM invested in rare-earth magnet production in the U.S. as part of a broader effort to cut its reliance on China for parts, components and materials. Now, as China continues to introduce new restrictions on rare-earth magnet exports, a move that may cause car manufacturers to halt production, GM is poised to be the only U.S. automaker with a direct supply of American-made rare-earth magnets from multiple factories. The move was questioned at the time, with GM committing to long-term purchase agreements with suppliers whose magnets are more expensive than the Chinese ones, but that move is clearly paying off.
Finally, as gold continues to hit new records, silver is not to be outdone. Silver prices yesterday set an all-time high, eclipsing a 45-year-old record from 1980.
That's your mining minute for this morning, highlighting some of the mining-related matters that are on our minds here in Washington and beyond.
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