National Mining Association CEO Rich Nolan says China's still too involved in Biden's push for rare earth minerals 'Made in America.'
"Minority ownership is one thing, controlling is what we certainly are concerned about," National Mining Association CEO Rich Nolan told FOX Business White House correspondentIn February, Presidentannounced from the White House briefing room that MP Materials was awarded a $35 million federal grant to produce critical rare earth minerals, start to finish, in the USA.
"China controls most of the global market of these minerals," Biden said, "and the fact that we can't build a future that's made in America if we ourselves are dependent on China for the materials that power the products of today and tomorrow."Documents show that before going public, MP Materials had an exclusive contract with Shenghe Holding Company to have 100% of the rare earth mined in its California operation sent to China under its control.
National Mining Association CEO Rich Nolan says China's still too involved in Biden's push for rare earth minerals"made in America." The CEO of the National Mining Association argued the Biden administration needs to better monitor the investment to make sure processing happens in this country. "It needs to happen here," Nolan said. "I think MP Materials is trying to build that out. Other companies are trying to build that out. Certainly, the Defense Department is now tasked with building that out."
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