USA Rare Earth Inc. signed a non-binding agreement with the Commerce Department to receive $1.6 billion in funding to accelerate US production of key rare-earth elements.

The federal government is injecting $1.6 billion into USA Rare Earth, the latest move by the Trump administration to shore up the domestic supply of rare-earth minerals.

The Trump administration plans to provide USA Rare Earth with $1.6 billion in mostly loan financing to extract and process the materials and manufacture rare earth magnets. The non-binding agreement unveiled Monday also includes a roughly 10% equity stake,

The U.S. is taking a minority stake in an Oklahoma rare-earth miner, the latest government investment in the sector as it seeks to minimize its reliance on imports of a material used prevalently in smartphones,

The administration is taking yet another private equity stake in a mining company, this time up to 16 percent in USA Rare Earth.

The Trump administration is set to take a 10% equity stake in USA Rare Earth as part of a $1.6 billion debt-and-equity investment package designed to strengthen domestic production of rare earth minerals,