The Biden administration is looking at funding Canadian mining and metals companies, as the new climate law sends U.S. automakers scrambling to find new sources of raw materials for electric vehicles.
Manufacturing low-carbon energy and transportation products like electric vehicles can call for a set of unique raw minerals and materials that are often produced and processed in China, and are not mined in the U.S. at all. It’s an import imbalance that security hawks believe will be a strategic vulnerability in a decarbonizing world.
To wean off Chinese mining, the Biden administration is looking at getting those minerals from Canada — and even giving money toward their development.
Canada, a premier mining jurisdiction and favorite destination for the industry, may benefit from a move President Joe Biden took in April to make Pentagon funding available under the Defense Production Act for certain mining activities, including feasibility studies, processes to produce minerals as a byproduct of other commodities, and technical improvements at mine sites (Greenwire, April 19).
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