Biden to announce major investment in US critical minerals supply chain on Tuesday

The Biden Administration and major US companies will announce major investments to expand the domestic critical minerals supply chain to break dependence on China and boost sustainable practices, the White House announced on Tuesday.

"Today, President Biden will meet with administration and state partners, industry executives, community representatives, labor leaders, and California Governor Gavin Newsom to announce major investments in domestic production of key critical minerals and materials," the press release said.

Joe Biden will announce that the Department of Defense's Industrial Base Analysis and Sustainment program has awarded MP Materials USD 35 million to separate and process heavy rare earth elements at its facility in Mountain Pass, California, establishing a full end-to-end domestic permanent magnet supply chain, the White House said. Currently, China controls 87 per cent of the global permanent magnet market, which is used in EV motors, defense systems, electronics, and wind turbines.

"Berkshire Hathaway Energy Renewables will announce that this spring, they will break ground on a new demonstration facility in Imperial County, California ... If successful, this sets the company a path towards commercial-scale production of battery-grade lithium hydroxide and lithium carbonate by 2026," the release continued.

Secretary of Energy Jennifer Granholm will discuss the Department of Energy's plans to invest $3 billion in refining battery materials such as lithium, cobalt, nickel, and graphite, and battery recycling facilities, creating good-paying clean energy manufacturing jobs, the White House said. (ANI/Sputnik)

( With inputs from ANI )