ProPublica: White House Intervened to Secure $620 Million Pentagon Loan for Company Tied to Donald Trump Jr.

About three months before the Pentagon announced a $620 million loan to Vulcan Elements, a small North Carolina startup, Donald Trump Jr.'s venture capital firm took an undisclosed stake in the company. The deal, intended to reduce U.S.

dependence on Chinese rare-earth minerals, has drawn scrutiny after ProPublica reported that White House adviser Peter Navarro initiated the request to the Pentagon. Defense officials said the loan was expedited at an unusually rapid pace, with staff working late nights to complete it in weeks after the White House call.

Trump Jr. denied involvement, and a Pentagon spokesperson said no preferential treatment was given.

The loan boosted Vulcan's valuation from around $200 million to $2 billion, benefiting Trump Jr.'s firm, 1789 Capital. The Office of Strategic Capital, which made the loan, has shifted from an open application process to relying on personal networks, raising ethics concerns.

Democratic lawmakers have demanded an accounting, citing potential conflicts of interest. The deal is part of a broader effort to secure critical mineral supply chains, but critics say it exemplifies corruption.

The Pentagon has not disclosed how Vulcan was selected over other companies.