WASHINGTON, D.C. – The Trump Administration, along with private investors, announced a new partnership with two rare earth startups to bolster domestic production of rare earth magnets.

The startups are Vulcan Elements and ReElement Technologies.

The deal is consistent with the White House’s effort to boost the U.S. supply chain in an industry largely dominated by China.

“Rare earth” refers to minerals that are not scarce, but difficult to mine as they are found in compounds rather than pure metals and are spread thinly throughout the Earth’s crust. Magnets made from such metals are used in electronics, medical devices and industrial equipment.

$620 million is a direct loan from the Department of Defense, with the rest coming from the private sector.

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