Trump Administration Launches $300 Million Mining Project to Reduce Dependence on China

U.S. President Donald Trump announced the launch of a $300 million (approximately 4.2 trillion won) mining project during a meeting held at the State Department in Washington, D.C., on the 7th (local time). President Trump stated, "We will ensure that our nation never relies on hostile foreign nations for the resources we need." U.S. Secretary of Commerce Howard Lutnick emphasized that securing critical minerals is a national security issue, "more than just an economic issue."

The Pentagon’s Strategic Capital Office will provide a $1.4 billion loan to SiLa Nanotechnologies to support the construction of a next-generation battery facility in Washington state. The Pentagon will invest $400 million to expand Australian production of scandium, essential for aerospace and defense, and $150 million in Niron Magnetics, a rare earth company in Minnesota. The U.S. Export-Import Bank is pursuing $1 billion in financing for Ivanhoe Electric’s copper mining project in Arizona and investing $25 million in a graphite mining project in Alabama.

Secretary of Commerce Lutnick cited Korea Zinc, a Korean company investing a total of $7.4 billion to build a refinery in Tennessee, as a representative example of U.S. investment. U.S. Secretary of State Marco Rubio introduced the 'Pax Siliconica,' an artificial intelligence (AI) supply chain consultative body involving South Korea and other nations.