President Donald Trump unveiled a $3 billion package of mining and processing projects aimed at cutting U.S. dependence on China for critical minerals, with the centerpiece a $1.4 billion conditional loan from the Office of Strategic Capital to Sila Nanotechnologies. Trump said the initiative would support mining, refining and production tied to materials ranging from lithium-ion battery components to rare earth elements and aerospace-grade minerals. The package includes a $400 million conditional loan commitment to Sunrise Energy Metals for the Syerston Scandium Project in New South Wales, which is designed to become the world's first primary scandium mine. Sunrise shares jumped as much as 29% on Monday after the financing was announced and were last seen trading 16% higher. Scandium is used to strengthen aluminum while remaining flexible and resistant to heat and corrosion, making it relevant for aerospace, defense and power-constrained infrastructure such as AI data centers. Other funding includes $150 million for Minnesota-based Niron Magnetics to produce rare earth-free permanent magnets, $25 million for a graphite mining project in Alabama, and $4.8 million for Halena Rare Earth in Madagascar. The White House said the money will be deployed through multiple agencies, including the Department of Energy, the U.S. International Development Finance Corporation and the U.S. Export-Import Bank, while $180 million in grants was approved for workforce development. The Sunrise commitment also fits into a broader U.S.-Australia critical minerals strategy. A bilateral framework signed in October 2025 committed $1 billion in financing from each country to build supply chains outside Chinese influence, with Arafura's Nolans rare earths project in the Northern Territory cited as another initiative. The push comes as China controls roughly 70% of global rare earth mining and nearly 90% of processing capacity, sharpening Western concern over supply vulnerabilities.