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This is bad news for sectors such as electric vehicles and wind power, which have been major recipients of the Biden administration’s signature $369 billion energy transition legislation.
Trump in his second presidency is unlikely to reverse the drive to metallic self-sufficiency. He may even prove to be an accelerator.Both the Department of Energy and the Department of Defense have pumped billions of dollars into rebuilding US metals capacity.
New primary smelting projects remain conspicuous by their absence. Century Aluminum has been awarded a potential $500 million to build a new aluminum smelter but there has been no update since the original announcement in March. Trump has already promised to reverse Biden’s 20-year ban on mining in the Superior National Forest in Minnesota in “about 10 to 15 minutes” of taking office.
It’s a tough time to be in the nickel business, though, as a mining boom in Indonesia has crushed prices and forced many existing operators out of business.
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