
Pentagon to keep investing in US critical minerals projects, defense official says
The Pentagon signed a multibillion-dollar deal last week to become the largest shareholder in rare earths producer MP Materials (MP.N), opens new tab and also agreed to several financial backstop measures for the company.
The move - which the defense official said reflected a desire to "share the risk" inherent in minerals projects - sparked questions across the mining sector about whether other companies could see similar investments from the U.S. military.
The Pentagon has invested almost $540 million into critical minerals projects and "will continue such efforts in accordance with congressional appropriations and statutory authorities," the official said.
"Rebuilding the critical minerals and rare earth magnet sectors of the U.S. industrial base won't happen overnight, but (the Pentagon) is taking immediate action to streamline processes and identify opportunities to strengthen critical minerals production," the official added.
The U.S. government and military recognize that the country no longer can produce or process many critical minerals, but plans to "take the necessary time and precautions to produce critical minerals and associated products in a safe and responsible fashion," the official said, adding that approach was unlike China's.
Chinese mining standards are considered to be lower than those in the United States.
The MP deal structure reflects a "unique approach" by the U.S. government to "account for the difficulties in establishing and sustaining production of critical rare earth magnets in a market environment in which China controls much of the supply chain," the official said.
The Pentagon investment in MP was undertaken via a Cold War-era law known as the Defense Production Act, as well as its Office of Strategic Capital, the official said.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Independent
25 minutes ago
- The Independent
House Ethics Committee orders AOC to pay nearly $3,000 for Met Gala dress
The House Ethics Committee has directed US Representative Alexandria Ocasio-Cortez to make additional payments concerning her 2021 Met Gala appearance. The committee's investigation revealed she did not fully adhere to Gift Rule regulations, having accepted free admission for her partner and underpaid for certain outfit items. Although Ocasio-Cortez had paid nearly $1,000 for her ′Tax the Rich′ gown and accessories, the panel assessed their fair market value at over $3,700. She has been advised to pay an extra $2,733.28 and contribute $250 to the Met's Costume Institute for her partner's meal. The committee found no evidence of intentional underpayment by Ocasio-Cortez, and her chief of staff confirmed she accepts the ruling and will settle the remaining amounts.


The Guardian
26 minutes ago
- The Guardian
Feeling flush? Americans can Venmo government to help pay off US debt
John F Kennedy's sage words from his inaugural address are forever seared into America's political consciousness: 'Ask not what your country can do for you – ask what you can do for your country.' Six decades and some change later, the United States Treasury is keeping Kennedy's spirit alive by offering Americans with a few dollars collecting dust in their Venmo balance a chance to fulfill a new patriotic duty: helping pay off the national debt. The US treasury department has long had a 'Gifts to Reduce the Public Debt' page available for those that dislike traditional charity, feel like they don't pay enough in taxes, or simply want to help the country stay No 1 in an eclectic list of superlatives that includes military spending, Olympic gold medals, prison population, corn subsidies, and healthcare costs. But the new-age, Gen Z-friendly method of payment is a recent addition, first flagged on Twitter by Planet Money's Jack Corbett. A bipartisan punching bag that trades sides of the aisle depending on who's in office and who needs funds earmarked for projects in their state, concern over the national debt is one of few issues that Democrats and Republicans can unite on. Also bipartisan is the debt's growth, which has increased every year since 2001, when it sat at $10.28tn. As of this writing, the debt has ballooned to $36.72tn. America is on track to continue the trend, with the Congressional Budget Office estimating that Trump's Big Beautiful Bill will add $3.4tn to the debt over the coming decade. It is unclear how much money Trump and Elon Musk's 'Doge' saved, although analysis estimates the number at under the advertised $180bn, and a far cry short of the initially advertised $2tn. The federal government spent $6.75tn in Fiscal Year 2024 while collecting $4.92tn in revenue. Highlights of past and present government spending include the $151bn procurement process for the Trump administration's Golden Dome missile defense project, over $2tn on Lockheed Martin's long delayed F-35 fighter jet, and roughly $800bn in annual spending on the Pentagon, which recently failed its seventh audit in a row. Kind-hearted Americans have gone above and beyond their regular tax-paying duties contributing around $67.3m since 1996. That's enough to fund 20 minutes of the US government's spending habit. If Americans could dig into their couch cushions, eat less takeout, and tighten their belts, they might be able to tackle the problem once and for all. It would only take about $107,000 per person, payable via ACH, Paypal, credit or debit card, and now, Venmo.


Daily Mail
26 minutes ago
- Daily Mail
America's biggest retailer caught hiking prices of hundreds of essentials after promising not to
Amazon has raised prices on hundreds of everyday items, from Campbell's soup to Dove deodorant, despite promising to shield shoppers from tariff-driven inflation. A Wall Street Journal review of nearly 2,500 products found prices rose on about 1,200 items between January 20 and July 1. In contrast, big box rival Walmart lowered its prices on the same items by nearly two percent. Manufacturers of products that went up in price told the Journal they hadn't raised wholesale prices for Amazon. Even US-made products exempt from tariffs, like Campbell's soup, have become more expensive. Items with mixed origins saw even steeper jumps. A storage basket from Ohio-based Dayglow LLC, which imports parts from several countries including China, nearly doubled in price on Amazon—from $9.31 in early 2025 to $19.99 by late April. Dayglow told the publication it has not raised the prices it charges Amazon even though it is now paying more for its imported goods due to tariffs. 'Any container I had that was coming took a cost increase basically overnight,' CEO Nick Morrisroe said of the steel tariffs he now pays after they went in to effect last month. Jeff Bezos's retail giant insists the increases don't reflect a broader shift in its pricing. 'We have not seen the average prices of products offered in our store change up or down appreciably,' the company said. 'Our commitment to offering low prices — not relative percentage changes — is what delivers the most value to our customers.' Many of the items the Wall Street Journal tracked fall under Amazon's 'everyday essentials' — a category that accounted for about one in three products the company sold in the US in the first quarter of 2025. The biggest single-day jump in price for Amazon's items came on February 15, two days after Trump signed an order that suggested he would hit most of the US's trading partners with tariffs. Economists have warned that tariffs will push up the price of everyday essentials and big ticket items for American consumers. Big box competitor Walmart lowered its prices on the same items by nearly two percent Inflation ticked up last month as some of these price changes have begun to make their way into the economy. Overall inflation hit 2.7 percent in June compared to a year earlier, up 0.3 percent than the month before. Car dealers, which are subject to tariffs of 25 percent on imported auto parts, have also begun to raise prices on new vehicles. Other have found sneaky way to raise prices without bumping up the sticker price, including slashing rebates and cheap financing deals.