Pentagon to keep working with US rare earths projects, US defense official says
(Reuters) -The U.S. Department of Defense plans to continue working with rare earths companies to ensure diverse American supply of the critical minerals used across the economy, a defense official told Reuters on Tuesday.
The Pentagon last week signed a multibillion-dollar deal to become the largest shareholder in rare earths producer MP Materials 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 a critical minerals project - sparked questions across the U.S. mining sector about whether other companies could see similar investments from the U.S. military.
The Pentagon "is looking forward to continue working with companies across the (rare earths) supply chain to ensure that DoD and the nation have the secure and resilient supply chains necessary to secure national and economic security for generations to come," the official said.
The MP deal structure reflects a "unique approach" by the 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 added.
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.
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Austin, Texas Population: 967,862 Annual cost of living: $62,863 Comfortable salary needed: $125,726 Austin is a young city, with only about 10% of its population age 65 and up. That's the lowest percentage among cities in this list. Single-family homes in Austin are worth $592,000 on average — about $35,000 less than a year ago. 10. San Jose, California Population: 990,054 Annual cost of living: $140,115 Comfortable salary needed: $280,229 Among the most populous U.S. cities, it doesn't get much more expensive than San Jose. This Silicon Valley city tops our list for annual cost of living, 'comfortable' salary needed, median household income ($142,000), and average single-family home value ($1.6M). 9. Dallas Population: 1,299,553 Annual cost of living: $47,589 Comfortable salary needed: $95,177 'Big D' is the third most populous city in Texas, trailing only San Antonio and Houston. 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New York Population: 8,516,202 Annual cost of living: $92,576 Comfortable salary needed: $185,152 New York City's 1.2% population decline between 2022 and 2023 was the third highest among the 50 most populous U.S. cities. The Big Apple's average annual cost of living (about $93,000) is significantly higher than its median household income ($80,000). Ashleigh Ray and Sydney Champion contributed to the reporting for this article. Methodology: For this study, GOBankingRates analyzed the 50 largest U.S. cities by population and determined the salary needed to live comfortably in each location. GBR determined the top 50 cities by population using the U.S. Census American Community Survey (the most recent available). Using the same survey, GBR sourced 2023 and 2022 data for the total population, population age 65 and over, total households, and household median income. One-year changes in percent and amount were calculated for each variable. The single-family home value was sourced from the Zillow Home Value Index from May 2025 and May 2024. By assuming a 10% downpayment and using the national 30-year fixed mortgage rate of 6.75 as sourced on July 21 from Federal Reserve Economic Data, the average mortgage cost was calculated. With the average mortgage cost and average expenditure cost, the average total cost of living was calculated for each city. Using the 50/30/20 rule, which states that needs should not exceed 50% of total household income, the total cost of living was doubled to find the comfortable cost of living. The cities were then sorted to show the largest one-year increase in total population. All data is up to date as of July 21, 2025. 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