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American Startup Withdraws from Military Loan for Metal Refining
Re-Element Technologies, an American company specializing in rare metals, has halted its pursuit of an $80 million loan from the U.S. Department of Defense. This loan was part of a plan to enhance local production of critical minerals and rare earth elements to counter Chinese dominance in the defense manufacturing market. The company faced technical difficulties and stringent auditing requirements, leading it to opt for private sector investments instead of government funding. This decision is part of a larger $700 million funding package aimed at building resilient domestic supply chains for the military magnet industry.
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