Business
Trump Executive Order on Critical Metals Aimed at Reducing Chinese Dependence on Imported Graphite Perfect Timing for Lomiko
Lomiko Metals Inc. (“Lomiko”) (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) is focused on the exploration and development of graphite for the new green economy. Lomiko ha
About this update from Lomiko Metals Inc.
[{"type":"text","content":"Lomiko Metals Inc. (“Lomiko”) (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) is focused on the exploration and development of graphite for the new green economy. Lomiko has been monitoring actions by government in Canada and the USA that are focused on reducing dependence on Chinese supply of graphite, lithium and other electric vehicle battery materials. Canada and the USA have worked closely and confirmed supply agreements between the two countries. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201007005305/en/ President Donald Trump recently signed an Executive Order entitled Executive Order on Addressing the Threat to the Domestic Supply Chain from Reliance on Critical Minerals from Foreign Adversaries, which is focused on creating North American suppliers of Battery Materials. Excerpts from Executive Order: \"...the United States is 100 percent reliant on imports for graphite, which is used to make advanced batteries for cellphones, laptops, and hybrid and electric cars. China produces over 60 percent of the world’s graphite and almost all of the world’s production of high-purity graphite needed for rechargeable batteries.\" “(i) the United States develops secure critical minerals supply chains that do not depend on resources or processing from foreign adversaries; (ii) the United States establishes, expands, and strengthens commercially viable critical minerals mining and minerals processing capabilities; and (iii) the United States develops globally competitive, substantial, and resilient domestic commercial supply chain capabilities for critical minerals mining and processing.” In September, Congressmen Lance Gooden (R-TX) and Vicente Gonzalez (D-TX) recently introduced a bill that seeks to decrease the U.S.’s dependence on China for critical metals. The bill, dubbed the Reclaiming American Rare Earths (RARE) Act, aims to establish tax incentives for domestic production of rare earths. The Congressmen statement sounds the alarm regarding critical metals production: “The United States is more dependent than ever on the importation of the resources that drive our economy, enable us to build advanced technology, and ensure our national security,” Gooden’s office said in a release. “Thirty-five of these rare earth minerals are designated by the Department of Interior as ‘cr...