The Trump administration is planning to inject $1.6bn into an American rare earths company, its biggest investment in the sector, in Washington’s latest foray into private industry to shore up supplies of key minerals.
The US government will receive a 10 per cent stake in USA Rare Earth, a publicly traded Oklahoma-based miner that controls significant US deposits of heavy rare earths, according to people familiar with the matter.
The government investment and a separate $1bn private financing deal are expected to be announced on Monday, according to people familiar with the situation.
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