US bans imports from 37 Chinese firms over forced labor charge
The Biden administration has added 37 companies from China’s mining, solar and textile sectors to its list of those banned from exporting to the US.
US Strategic Metals (USSM) and AlphaSierra One, an advisory and asset acquisition platform specializing in energy, natural resource and national security solutions, have announced a partnership to address gaps in the US supply chain for critical minerals and bolster energy independence.
The alliance, USSM said, comes at a pivotal time as the United States prioritizes securing its critical minerals supply chain to reduce reliance on foreign sources. The parties said they will leverage their complementary expertise to advance the efficient extraction, processing and distribution of critical minerals within the country.
USSM is planning to mine what it considers to be the largest cobalt reserve in North America. It holds an 18-year mineral supply of cobalt, nickel and copper on a 7.3-square-kilometre site in Missouri, known as the Madison mine project.
The collaboration will focus on optimizing opportunities that align with federal initiatives, including funding programs and partnerships that aim to shore up vulnerabilities in the critical minerals sector.
“The collaboration highlights the growing importance of public-private partnerships in fortifying the US industrial base.”
USSM CEO Stacy Hastie
In November 2024, USSM saw its $100.8 million loan application granted expedited approval by the United States Citizenship and Immigration Services in recognition for the potential job creation by the company’s critical minerals project in Missouri.
CEO Stacy Hastie said the goal is to create a more resilient supply chain that meets immediate needs and positions the United States as a global leader in the sustainable production and management of critical minerals.
“This strategic relationship offers significant potential for investors seeking to support companies operating at the intersection of advanced mineral processing and national security imperatives,” Hastie said in Tuesday’s news release.
“The collaboration also highlights the growing importance of public-private partnerships in fortifying the US industrial base.”
USSM also has an offtake relationship with Glencore (LON: GLEN), and in 2024 August was tapped by the Export-Import Bank of the United States for a loan package worth $400 million with a term of 15 years to support the development of its mining and metallurgical project.
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