President Donald Trump is invoking emergency powers to boost the ability of the US to produce critical minerals — and potentially coal — as part of a broad effort to ramp up the development of domestic natural resources and make the country less reliant on foreign imports.

An executive order signed by the president Thursday taps the Defense Production Act as part of an effort to provide financing, loans and other investment support to domestically process critical minerals and rare earth elements, according to a White House official. The US International Development Finance Corporation, working with the Department of Defense, will provide financing for new mineral production projects.

The order, which also encourages faster permitting for mining and processing projects and a directive for the Interior Department to prioritize mineral production on federal land, comes as a direct response to long-held concerns among the US and allies that China overwhelmingly controls the processing of some of the most important critical minerals.

These elements are used in a number of products from batteries to defense systems that are seen as crucial to the nation’s energy and security.

Shares of critical mineral miners in Australia and China declined on Friday. Australian lithium miner Liontown Resources Ltd. fell as much as 7.1%, while graphite producer Syrah Resources Ltd. tumbled 9.8%. China’s Tianqi Lithium Corp. and Ganfeng Lithium both fell. Some coal miners, including New Hope Corp Ltd. and Whitehaven Coal Ltd., were down nearly 4%.

In the US, Shares of MP Materials Corp., a rare earths miner, rose as much as 4.6% in after-hours trading. Peabody Energy Corp., a coal producer, gained more than 2%.

Despite possessing some critical minerals, the US currently imports a significant amount, creating economic and security risks, according to the White House. The administration said the US is import-reliant on at least 15 critical minerals and that 70% of imports of rare earths come from China.

“Our national and economic security are now acutely threatened by our reliance upon hostile foreign powers’ mineral production,” the White House said in the order. “It is imperative for our national security that the United States take immediate action to facilitate domestic mineral production to the maximum possible extent.”

The Trump administration will also coordinate with the private sector to ensure a stable and resilient domestic supply chain for critical minerals, which under the executive order includes uranium, copper, potash, gold, as well as any other element, compound, or material as determined by the chair of the National Energy Dominance Council, the White House official said. That designation could also cover coal, the official added.

Government support offers to help boost domestic production to satisfy the needs of the Defense Department and private industry amid growing concerns about shortages. China is beginning to implement export controls on materials such as germanium, gallium and antimony.

The administration’s move won applause from groups including the National Mining Association and SAFE, a Washington nonprofit that advocates for US energy independence.

“During periods of great national challenge, presidents have coordinated federal efforts to overcome obstacles at odds with the United States’ best interests,” said Abigail Hunter, an executive director with SAFE. “We are pleased to see that level of action to combat the minerals vulnerabilities the nation faces today, and look forward to working with administration on implementation-especially on catalyzing private sector investment.”

Environmental groups warned the executive order would remove important safeguards in order to expedite mining projects.

“Yet again, President Trump is trying to ignore the law and dictate that our national public lands be handed over to private companies for extraction and profit above all else,” Rachael Hamby, a policy director with the Center for Western Priorities, said in a statement. The executive order “is clearly about enriching mining companies and their shareholders, not enhancing national security.”

The Defense Production Act is a 1950s law that former President Harry Truman enlisted to ramp up steel production for the Korean War. Former President Joe Biden similarly invoked the law to encourage domestic production of critical minerals, adding battery materials such as lithium, nickel, graphite, cobalt and manganese to the list of items covered under the measure to help companies access $750 million in funds. He also used the law to support American production of electric heat pumps.

Trump used the law in his first term to spur mask production during the coronavirus pandemic.

Trump teased his plans during his Joint Address to Congress earlier this month, saying he planned to take “historic action to dramatically expand production” of critical minerals and rare earths.

A House select committee on China previously recommended creating a reserve of critical minerals “to insulate American producers from price volatility” and protect against Beijing’s “weaponization of its dominance in critical mineral supply chains.”

Trump said Thursday the US will soon sign a deal on rare earths with Ukraine.

With assistance from Paul-Alain Hunt and Jessica Zhou.