ONSHORE Manufacturing Act of 2023

The ONSHORE Manufacturing Act of 2023 establishes a federal program to provide financial assistance (up to $500 million per project, with a minimum $100 million investment) to private companies and consortia for building or upgrading facilities that process rare earth elements into finished products like magnets and alloys. The program prioritizes projects that will supply the Department of Defense, defense industry, or critical energy infrastructure, with requirements to prevent foreign entities of concern from benefiting. It includes workforce development initiatives to train workers for rare earth processing jobs and establishes a Minerals Security Partnership Fund to support international collaboration on secure rare earth supply chains. The bill authorizes $1.5 billion for fiscal year 2024 and $200 million annually through 2028 for these programs.