IMMEDIATE RELEASEDOD Announces $77.3 Million in Defense Production Act Title III COVID-19 Actions
JULY 24, 2020DOD Announces $28.8 Million Defense Production Act Title III Agreement with Urban Mining Company to Strengthen the Domestic Rare Earth Materials Industrial Base
As part of the national response to COVID-19, the Department of Defense entered into a $28.8 million agreement with Urban Mining Company, to assist in developing a domestic source for Neodymium Iron Boron (NdFeB) rare earth permanent magnets. NdFeB magnets are essential components for many DOD programs that enable miniaturization and high performance of guidance, propulsion, and power systems.
This investment will enable Urban Mining Company to maintain and protect critical workforce capabilities during the disruption caused by COVID-19 while strengthening a vital domestic supply-chain of rare earth materials.
Urban Mining Company headquarters in Austin, Texas is the principal place of performance.
https://www.defense.gov/Newsroom/Releases/Release/Article/2287490/dod-announces-773-million-in-defense-production-act-title-iii-covid-19-actions/
Good news - pentagon resumes lynas contract, page-25
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