April 19, 2021
Part of President Biden’s sweeping $2 trillion infrastructure legislation looks to rebuild the nation’s power and transportation markets as well as the country’s semiconductor industry. This follows Biden signing an executive order in February designed to review gaps in the domestic supply chains for rare earths, medical devices, chips and other key resources. These efforts will require domestic mining and production of rare earth elements.
In March, the Department of Energy announced a $30 million initiative that will tap into researching and securing the U.S. domestic supply chain for rare earths and other important minerals in battery-making such as cobalt and lithium.
The new U.S. plan to rival China and end cornering of market in rare earth metals
The United States has made previous attempts to reemerge as a dominant player in a rare earths supply chain that is responsible for some of the most important materials involved in electric vehicle production, battery making, renewable energy systems and technology manufacturing. Under the Biden administration, the effort is receiving renewed focus, with massive investments planned in climate change technology and a hard line being taken on geopolitical rivalries and the national security threat posed by China.
Source: CNBC
In 2019, China was responsible for 80% of rare earths imports, according to the U.S. Geological Survey, although exports fell last year in part due to Covid-19.
Mining Engineering Online smenet.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smenet.org Daily Mail and Mail on Sunday newspapers.
President Biden s sweeping $2 trillion infrastructure legislation seeks to remake the power and transportation markets in the U.S. and rebuild the country s semiconductor industry. It follows Biden signing an executive order in February designed to review gaps in the domestic supply chains for rare earths, medical devices, chips and other key resources, and in March the Department of Energy announcing a $30 million initiative that will tap into researching and securing the U.S. domestic supply chain for rare earths and other important minerals in battery-making such as cobalt and lithium. Cornering of the market It s absolutely correct there is a cornering of the market with lithium and other rare earths, Biden climate envoy John Kerry recently said at a CNBC Evolve summit on the future of energy innovation.
The New U S Plan to Rival China and End Cornering of Market in Rare Earth Metals nbcmiami.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcmiami.com Daily Mail and Mail on Sunday newspapers.