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President Joe Biden is considering invoking the Defense Production Act as soon as this week to boost domestic production of minerals used in batteries needed for electric vehicles, a person familiar with his plans said.

The administration would include minerals like lithium, nickel and graphite, cobalt and manganese under the Korean War-era national security mobilization law, the person said. The designation could help mining companies access government funding for feasibility studies on mining development, productivity and safety improvements, or on how to wring more of these metals out of ore already produced at facilities operating in the U.S. It could also prompt Congress to dedicate more money to such efforts, the person said.

Source: This post first appeared on http://marketwatch.com/

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