Trump administration to back three mineral projects with $58 million in financing

ExIm is also lending $25 million to privately held Global Advanced Metals to expand processing of tantalum and niobium, neither of which the U.S. mines, making it reliant on foreign supply. The company mines the metals in Australia and processes them in Pennsylvania.

Tantalum is primarily used to make capacitors for smartphones, automobiles and other electronics, whereas niobium is used as an alloy to harden steel for pipelines and airplanes.

And 5E Advanced Materials FEAM.O will receive an $8 million loan to boost production of boron, which last year was added to a list of minerals considered critical by the U.S. government. The metal is used in the nuclear energy industry as well as in body armor and other defense-related products.

The U.S. imports most of its boron needs. 5E's California boron project is slated to begin commercial production in 2028.