Company backed by Donald Trump Jr.’s firm nabs $620M government contract

Vulcan Elements, a rare-earth magnets startup, has secured a $620 million contract from the U.S. defense department. The company is backed by a firm co-founded by Donald Trump Jr., the son of former U.S. President Donald Trump. The contract is part of the U.S. government's efforts to reduce its reliance on China for critical minerals and strengthen domestic supply chains. Rare-earth magnets are essential components in various military and civilian technologies, including electric vehicles, wind turbines, and consumer electronics. The deal is seen as a significant win for Vulcan Elements, which was founded in 2021 and is working to establish a domestic rare-earth magnets production facility. The company's co-founders have ties to the Trump family, which has been vocal about the need to reduce U.S. dependence on Chinese imports. The contract award has sparked discussions about the potential influence of political connections in government procurement decisions, though the details of the selection process have not been publicly disclosed.