U.S. Senator Mitt Romney (R-UT) today applauded an announcement by the U.S. Economic Development Administration (EDA) that it would invest in Utah’s critical mineral production and manufacturing industry. Today’s announcement comes after Senator Romney advocated on behalf of the Intermountain Critical Materials Consortium (ICMC), a collaborative group of industry partners led by the Utah Advanced Materials and Manufacturing Initiative (UAMMI), which is developing a regional strategy to advance the production and manufacturing of critical minerals needed for clean energy technologies, many of which lack any domestic production presence.
“The United States is far behind China when it comes to mining critical minerals, and our increasing reliance on China for critical minerals creates serious vulnerabilities for our national security,” Senator Romney said. “Of the roughly 35 critical minerals needed for our industrial base and economy, 28 of them could be mined in Utah. I was proud to advocate on behalf of the Utah Advanced Materials Manufacturing Initiative for this investment, which will now allow them to ramp up the production and manufacturing of critical minerals in our state—strengthening our supply chains and decreasing our dependence on China.”
Background:
ICMC has received a Strategy Development Grant (SDG)—awarded as a part of the Tech Hubs program—which was authorized by the passage of the Romney-backed CHIPS and Science Act, which was signed into law in in August 2022. Romney supported the CHIPS and Science Act to advance and solidify the United States’ leadership in scientific and technological innovation through increased investments in the discovery, creation, and manufacturing of technology critical to U.S. national security and economic competitiveness.
Led by UAMMI, ICMC is made up of 43 private industry partners, eight universities, workforce entities, and several local and state entities. Outside of Russia and China, this consortium will be a top global leader in processing critical materials which are essential components of emerging technologies. This consortium has geological resources for a majority of the Department of Energy (DoE) identified critical minerals. The market for these critical materials is expected to exceed $100 billion by 2030 and likely more than $200 billion by 2050.
