From todays Fin Review. More good news for JRVBiden poised to...

From todays Fin Review. More good news for JRV
Biden poised to use Cold-War powers to boost battery metals

Washington | President Joe Biden is poised to invoke as soon as this week Cold War powers to encourage domestic production of critical minerals for electric-vehicle and other types of batteries, according to people familiar with the matter. The White House is discussing adding battery materials to the list of items covered by the 1950 Defence Production Act -- the same authority wielded by Harry Truman to make steel for the Korean War and Donald Trump to spur mask production to tackle the coronavirus pandemic -- the people said. They asked not to be identified because the details are not yet public.

Shares of MP Materials Corp, the sole US company that produces rare earth metals needed for electric vehicles, and Lithium Americas, which runs a project in Nevada, surged on news of the administration’s plans. Piedmont Lithium, which runs a project in North Carolina, erased losses, rising as much as 6 per cent. Adding minerals like lithium, nickel, graphite, cobalt and manganese to the list could help mining companies access $US750 million ($1 billion) under the Defence Production Act’s Title III fund, the people said. The move also could aid recycling of battery materials, one of the people said. Instead of loans or direct purchases for minerals, the directive would fund production at current operations, productivity and safety upgrades, and feasibility studies, the person said. In addition to EV batteries, the directive also would apply to large-capacity batteries.