The Trump administration is putting nearly $750 million towards a deal to produce rare earth magnets in the U.S. — and is once again taking shares of the companies to which it will dole out the cash.

The partnership between the Departments of Defense and Commerce, as well as Vulcan Elements and ReElement Technologies, seeks to enable 10,000 tonnes of magnet production in the U.S. each year.

Vulcan Elements said in a press release that it will be able to build and operate a 10,000 metric tonne magnet facility in the U.S.

Company Chief of Staff Jonah Glick-Unterman told The Hill in an email that the magnets in question can be used for virtually all electronic devices, including satellites, robotics, and drones to electric motors, hard disk drives and virtually all defense systems.

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