President Donald Trump announced over $2 billion in new critical mining investments on Friday, hosting what the White House called the largest meeting of mining industry leaders with a president in over 120 years.
The investments span battery materials, rare earth elements, and defense-critical minerals. The largest single commitment came from the Department of War, which is investing $1.4 billion into Sila Nanotechnologies, a California manufacturer expanding production of silicon-carbon battery anodes and lithium-ion battery cell facilities for satellite operations, drones, and munitions.
The Department of War also committed $400 million to Sunrise Energy Metals to develop a full scandium value chain, including what would be the world’s first primary scandium mine, supplying high-heat aluminum alloys used in fighter jets and spacecraft. An additional $85 million goes to Standard Bauxite for refractory-grade materials, and $150 million to Minnesota-based Niron Magnetics for rare earth-free permanent magnets.
The Export-Import Bank and Development Finance Corporation are contributing smaller investments in boron, graphite, tantalum, and rare earth mining projects across California, Alabama, Pennsylvania, and Madagascar. The Department of Energy is putting $100 million into 14 mining schools to double the number of graduates with relevant credentials.
Bloomberg reported the total package reaches $3 billion when including previously announced projects. The White House said the Trump administration has now signed or approved 160 minerals deals totaling nearly $40 billion since taking office in January 2025.
The push comes as Washington seeks to reduce dependence on China, which dominates global production of many critical minerals used in electronics, defense systems, and clean energy technologies. Trump has used Section 232 tariffs and Defense Production Act authorities to reshape domestic supply chains for strategic materials.
The announcements drew criticism from government watchdog groups, with the New York Times reporting that Trump’s sons, Eric and Donald Jr., have separately profited from federal mining deals through their World Liberty Financial ventures, raising fresh questions about conflicts of interest.
Industry executives praised the initiative as a turning point for American mining, which has contracted for decades despite surging demand for the minerals that power modern technology. The administration framed the investments as essential to national security and economic resilience against geopolitical disruptions.
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