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The Trump administration needs to strike multiple deals with U.S. miners to secure the nation's supply chain against China, said Mark Chalmers, CEO of Energy Fuels , a miner focused on uranium and rare earth minerals.

The Pentagon decision to take an equity stake in MP Materials , the largest U.S. rare earth miner, in July and support the company with a price floor surprised many in the industry, Chalmers told CNBC.

But it was a necessary step that the White House should now follow with more deals to diversify the U.S. supply chain and reduce the risk that would come with backing a single national champion, the CEO said.

"One company doesn't fix it," Chalmers said of the MP Materials deal. "You

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