The US Export-Import Bank is lending $58 million to three critical-mineral companies as part of President Donald Trump's push to wean the country off Chinese supplies and bolster American mining and processing. The funding coincides with Trump's meeting in Washington on Friday with executives from major mining companies to address the need for minerals used in weapons and electronics.

"Critical mineral security is national security," said John Jovanovic, ExIm's chairman, adding that the funding aims to fortify supply chains, restore crucial industries supporting American jobs, and safeguard against supply shocks.

Westwater Resources will receive a $25 million loan for its Alabama graphite mine and processing facility, establishing the country's first source of natural graphite, which is the largest metal by volume used in lithium-ion batteries. The US currently produces synthetic graphite from petroleum coke, an oil refining by-product.

ExIm is also lending $25 million to privately held Global Advanced Metals to expand processing of tantalum and niobium, which the US does not mine. The company mines the metals in Australia and processes them in Pennsylvania; tantalum is used for smartphone and electronics capacitors, while niobium hardens steel for pipelines and airplanes.

Additionally, 5E Advanced Materials will receive an $8 million loan to boost production of boron, a critical mineral used in nuclear energy, body armor, and defense products. The US imports most of its boron needs, and 5E's California project is slated to begin commercial production in 2028.