The U.S. Defense Dept. awarded a $120-million contract to a domestic unit of Australia-based Lynas Rare Earths Ltd. to build America's first heavy rare earth processing plant.

President invoked the Defense Production Act to strengthen the domestic supply chain, as senators and industry debated strategies and risks to cut reliance on Russia, China and other “unreliable foreign sources” for key metals needed in U.S. manufacturing, clean energy.