Curated News
By: NewsRamp Editorial Staff
May 15, 2024
Biden Administration Supports Critical Mineral Mining with $72B Fund
TLDR
- Mining projects for critical minerals like graphite, lithium, and cobalt are now eligible for $72 billion federal loan guarantees, benefiting companies like Graphite One Inc.
- The eligibility for a loan guarantee under Title 17 requires projects to be energy-related, located in the United States, and demonstrate a significant reduction in greenhouse gases and air pollutants. The technology used must be commercially viable with a credible repayment plan, and a community benefits analysis must be included.
- Supporting mining projects for critical minerals enhances national security, economic stability, and reduces dependence on foreign countries like China, ultimately contributing to long-term resource security for the United States.
- Graphite One Inc. is strategically positioning itself to meet the surging demand for graphite, a key component in lithium-ion batteries and technological manufacturing processes, contributing to a more sustainable future.
Impact - Why it Matters
The Biden administration's decision to support mining projects for critical minerals emphasizes its commitment to revitalizing the domestic mining industry. It’s expected the DOE's new stance will enhance national security and economic stability by supporting responsible mineral extraction that adheres to stringent environmental and labor standards. Investing in critical mineral mining contributes to long-term resource security for the United States, reducing dependence on foreign countries like China and enhancing national economic stability.
Summary
The Biden administration has clarified that mining projects focused on extracting critical minerals like graphite, lithium, and cobalt are eligible for federal loan guarantees worth $72 billion. This announcement aims to support the domestic mining sector and strengthen energy and supply chains. This is welcome news to companies like Graphite One Inc (TSX-V: GPH) (OTCQX: GPHOF) which is actively addressing the domestic graphite supply shortfall in a bid to support the technology revolution. Graphite One (G1) is advancing the development of the largest graphite deposits in the United States. It has already secured two major grants from the US Department of Defense (DoD) and aims to establish a vertically integrated enterprise that mines, processes, and produces anode materials, mainly for the US lithium-ion EV battery market.
Source Statement
This curated news summary relied on content disributed by News Direct. Read the original source here, Biden Administration Supports Critical Mineral Mining with $72B Fund
