August 8, 2026 - US President Donald Trump announced over $2 billion in investments for mining and metals projects on Aug. 7, targeting production of copper, rare earths, graphite and other critical materials.

The Trump administration also committed $180 million from both the Department of Energy and the Department of Defense to mining schools for education and training programs.

The investments come as the Trump administration seeks to boost US critical mineral production and processing to reduce reliance on foreign sources of these materials.

"Together, we're reawakening the spirit of the gold rush, the prospectors and the great pioneers of this country, the people who built the United States of America," Trump said, speaking at an Aug. 7 roundtable with mining executives at the State Department.

The White House said the Department of Defense signed a $1.4 billion loan agreement with battery manufacturer Sila Nanotechnologies Inc. to build a battery facility. The department is also investing $400 million into Sunrise Energy Metals Ltd. to expand production of scandium for aerospace and defense materials, $150 million in a conditional loan commitment with Niron Magnetics Inc. to build rare earth magnet production in Minnesota and $85 million into Standard Bauxite to support the manufacturing of defense materials.

Mining executives, speaking at the event, praised the Trump administration for prioritizing mining and processing critical materials in the US.

"We're going to increase capacity for American industry," James Litinsky, CEO of rare earths company MP Materials Corp., said. "The American taxpayer has already benefited, it'll be great for national security, it's really a win-win-win."

The US formed a public-private partnership with MP Materialsin July 2025, which involves a $400 million equity investment, a $150 million loan and a 10-year offtake agreement to build a domestic rare earth supply chain.

Litinsky presented 100% American-made magnets to the roundtable that were mined and refined in the US.

Other executives at the event included Robert Friedland, executive chairman of Ivanhoe Electric Inc. and co-chairman of copper miner Ivanhoe Mines Ltd.