News News
Contact us
  • Customer service number:64321087
  • Commercial service telephone:13918059423
  • Technical service telephone:13918059423
  • Contact person: Mr. Cui 
  • Service
  • Address: room 107, building 8, no. 100, guilin road, xuhui district, Shanghai

Miners Commend Federal Spending Bill Financing Rare Earths Projects

The date of: 2021-01-12
viewed: 10


The COVID-19 pandemic aid and spending package that was signed by outgoing U.S. President Donald Trump in the last weeks of 2020 is inclusive of more than $800 million to finance strategic minerals and rare earths research. This fund will help mining firms to neutralize China’s dominance in the natural resource industry sector.

The bill, which is worth $2.3 trillion and is 5,573 pages long, is a compilation of Trump’s executive orders on rare earths. Rare earth minerals are a category of minerals used to make magnets for electric cars, weapons and other green technologies. They are made up of minerals such as holmium, cerium, yttrium, terbium, scandium, dysprosium, samarium and many others.

The bill not only supports the improvement of programs that have to do with mining education and funds studies that focus on the processing and recycling of these rare elements but also requires that better geological studies be carried out on federal lands.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), the industry trade group called The National Mining Association, as well as other rare earth firms commended the mineral clauses cited in the bill.

Since the United States’ relations with China went south, reviving the production of domestic critical minerals has become a priority for the United States. The chair of the Senate’s energy committee, Senator Lisa Murkowski stated that the bill would allow the United States to grow the production and processing of these rare earth minerals. Murkowski had introduced minerals legislation in 2019, which had been included in this larger bill.

The law mandates that the U.S. Geological Survey predict the demand for metals, just like the Energy Department predicts the demand for oil. Miners say that the mineral demand forecast will assist them in planning their mining projects.

Medallion Resources LTS CEO Mark Saxon said that the bill was something that the country needed in the short term to renew its investment in renewable energy, particularly after the effect the coronavirus pandemic had on the economy. Currently, Medallion Resources Ltd is thinking of building a rare earth elements plant in Texas.

USA Rare Earth CEO Pini Althaus stated that the bill was a watershed policy and a two-party win for a United States mine-to-magnet supply chain. USA Rare Earth is working in collaboration with the Texas Mineral Resources Corp to develop a rare earths project.

Senator Mitt Romney of Utah also added a condition to the bill that would require a report to be submitted annually on China’s mining investments abroad from the director of national intelligence. All we can wait for are the results of the implementation of this bill.

Hot News / Related to recommend
  • 2023 - 09 - 26
    Click on the number of times: 0
    source:SASKTODAYREGINA — Immigration and Career Training and Trade and Export Development Minister Jeremy Harrison, is leading a delegation to the United Kingdom (UK) and Poland.The mission's focu...
  • 2023 - 09 - 25
    Click on the number of times: 0
    source:malaymailKUALA LUMPUR, Sept 21 — A member of the Dewan Negara suggested today that the government set up an agency, body or government-linked company (GLC) to supervise and manage all rare eart...
  • 2023 - 09 - 22
    Click on the number of times: 0
    source:subscribeOD6 Metals looks set to turbocharge the hulking resource at its Splinter Rock project in Esperance after revealing new rare earths assays with grades of up to 4159 parts per million to...
  • 2023 - 09 - 21
    Click on the number of times: 0
    source:FastmarketsOffshore wind capacity targets – that might see ninefold growth in installations by 2030 – are under threat without global changes in policy, financing and managing supply chain risk...
  • Copyright ©Copyright 2018 2020 Shanghai rare earth association All Rights Reserved Shanghai ICP NO.2020034223
    the host:Shanghai Association of Rare Earth the guide:Shanghai Development and Application Office of Rare Earth the organizer:Shanghai rare earth industry promotion center