The Rare Earths Monthly Metals Index (MMI) fell by 9.8% for this month’s reading.
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Biden’s DOE awards $19M in funding for rare earths, critical minerals production initiatives
As MetalMiner contributor Sohrab Darabshaw explained this week, the Department of Energy has awarded $19 million toward 13 initiatives geared toward rare earths and critical minerals production.
“The very same fossil fuel communities that have powered our nation for decades can be at the forefront of the clean energy economy by producing the critical minerals needed to build electric vehicles, wind turbines, and so much more,” Secretary of Energy Jennifer M. Granholm said. “By building clean energy products here at home, we’re securing the supply chain for the innovative solutions needed to reach net-zero carbon emissions by 2050 – all while creating good-paying jobs in all parts of America.”
The DOE’s Office of Fossil Energy’s National Energy Technology Laboratory (NETL) will manage the 13 projects.
The projects cover 12 areas of interest. They correspond to “selected U.S. basins that have the potential to produce rare earth elements and critical minerals.”
The project leaders include Pennsylvania State University, Virginia Polytechnic and State University, the New Mexico Institute of Mining and Technology, and the University of North Dakota, among others.
Electrification and cobalt
Earlier this month, MetalMiner’s Stuart Burns delved into the shift toward electrification in the automotive market.
Namely, he zoomed in on rising EV demand’s impact on materials prices — particularly for critical battery metals, like cobalt. Cobalt prices, like many other metals, surged in Q1 2021.