US To Invest $122Mln In Rare Earth, Critical Minerals Exploration - Energy Dept.

WASHINGTON (Pakistan Point News / Sputnik - 23rd September, 2020) The United States is planning to invest more than $120 million in programs for exploration of carbon ore, rare earth and critical minerals, the US Department of Energy sad in a statement on Tuesday.

"Today, the US Department of Energy (DOE) announced plans to make available $122 million in Federal funding for cost-shared research and development under the funding opportunity announcement (FOA) Carbon Ore, Rare Earth, and Critical Minerals (CORE-CM) Initiative for US Basins," the statement said.

Energy Secretary Dan Brouillette explained in the statement that the US government is committed to developing new technologies to extract rare earth minerals and other valuable elements.

"These projects have an important role; they will help develop a viable domestic supply of these resources while creating new market opportunities for coal," Brouillette said.

The new funding will go to the CORE-CM Initiative, which is intended to catalyze regional economic growth by exploring natural resources, according to the statement.