“These potential investments can lead to economic development, job creation, and a reduction in U.S. dependence on foreign supplies of minerals,” the agency said.
Some investors are already in the process of tapping into underground deposits of rare earth elements and cobalt.
In Washington County, the owners of the former Pea Ridge iron ore mine are seeking federal funding to create a steel manufacturing plant and mine for rare earths.
In Madison County, the head of a St. Louis environmental remediation firm and an Indiana financier have teamed up to buy a cobalt mine near Fredericktown that they say has some of the biggest reserves in North America.
In June, Missouri Cobalt LLC announced it was in the final construction stage of a new facility that will allow the firm to begin production of large-scale quantities of battery-grade cobalt and nickel.
“This milestone represents significant progress toward the Company’s objective to become the leading North American supplier of battery-grade cobalt and nickel, and the only company to process in the United States,” the company said.
The venture is headed by Stacy W. Hastie, chairman and CEO of St. Louis-based Environmental Operations Inc. The company’s general counsel is former House Speaker John Diehl, a Republican from Des Peres who resigned from office in 2015 after he sent sexually charged text messages to a 19-year-old legislative intern.
