The Trump administration is poised to sink $1.6bn into a mining company that aims to extract rare earths and make high-tech magnets in the US. But the lossmaking company has yet to do either commercially.
The deal with USA Rare Earth is one in a series the Trump administration has struck over the past year, as it strives to rapidly establish secure domestic supply chains for critical minerals, including rare earths.
But some industry experts have questioned whether the companies chosen by the administration are capable of delivering on their promises, while one executive noted that early-stage companies such as USA Rare Earth are not poised to “solve problems today”.
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