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Biden May Invoke Defense Production Act To Boost Critical Minerals

US

Bloomberg has cited an anonymous source claiming that President Joe Biden may soon invoke special authority to encourage domestic production of critical minerals vital for electric-vehicles and batteries though the Defense Production Act.

  • The decision could come as soon as tomorrow. The act was last used by former president Donald Trump to increase mask production during the coronavirus pandemic.
  • Bloomberg: 'Adding minerals like lithium, nickel, graphite, cobalt and manganese to the list could help mining companies access USD$750 million...'
  • Copper is seen as the most critical element to power electric vehicles and the green energy transition. Biden received criticism from the mining sector for blocking a new copper mine last year on religious grounds.
  • There have been some early suggestion that the DPA could be used to encourage production of fossil fuels but the funds available through the act are limited. Substantial federal incentives will require Congressional approval.
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