The U.S. International Development Finance Corp., which is the development finance institution of the federal government, plans to invest $25 million in mining investment company TechMet Ltd. to help develop a nickel-cobalt mine in Brazil, Financial Times (London) reported Oct. 4.

The investment is in line with recent efforts by U.S. President Donald Trump's administration to reduce the country's reliance on raw material supply chains dominated by China, according to the report. TechMet touted the investment as U.S. government's first direct investment in a metals and mining company.

Trump recently declared a national emergency regarding the "unusual and extraordinary threat" of the country's reliance on imports for critical minerals, and promised billions of federal dollars for mining and mineral processing projects if he is reelected.

TechMet has investments in various companies including Brazilian Nickel Plc, according to the Financial Times report. TechMet founder Brian Menell said the company will use the funds to help Brazilian Nickel achieve commercial production.

Brazilian Nickel is developing a cobalt and nickel mining operation in Piaui in northeastern Brazil.