The US government development bank is to invest $25m in London-based mining investment company TechMet, as part of a push by President Donald Trump to reduce reliance on supply chains dominated by China.

The money from the $60bn US International Development Finance Corporation will help TechMet develop a Brazilian nickel and cobalt project that aims to supply the electric car industry.

The investment is part of Mr Trump’s strategy to break China’s hold over raw material supply chains. Last week the president said the US’s reliance on foreign supplies of critical minerals was a “national emergency” and a security threat.

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