Micron Technology (NASDAQ:MU) has selected Indium Corporation for an investment aimed at bolstering US critical minerals processing capabilities and securing a reliable domestic supply of manufacturing materials.
Under an agreement announced on Tuesday (20 October), the memory and storage technology giant will provide funding to expand Indium’s operations in Central New York.
Founded in 1934, Indium is a global supplier of advanced materials for the electronics, semiconductor, thin-film, and thermal management industries.
Its products include specialised metal compounds containing critical minerals such as indium, gallium, germanium, and tin.
The investment will support the expansion of Indium’s existing refining and manufacturing facility in Rome, New York, including the restart of critical minerals processing activities used to produce materials for advanced semiconductors.
The two companies will also enter into a long-term supply agreement, giving Micron access to the high-purity materials required for its manufacturing operations.
Financial details of the investment were not disclosed.
According to Micron, the agreement forms part of its broader plan announced in July to invest up to US$3 billion ($4.28 billion) in the US semiconductor supply chain.
Strengthening domestic supply chains
The investment comes as US semiconductor manufacturers seek to strengthen domestic supply chains for critical minerals and advanced materials.
“Advanced memory manufacturing depends on a reliable supply of critical minerals. Enabling that requires engagements well beyond our direct suppliers,” says Micron Senior Vice President and Chief Procurement Officer Ben Tessone.
“Securing these inputs is essential to Micron’s long-term growth and technology road map.”
Indium CEO Ross Berntson welcomed the investment, highlighting the company’s long history in Central New York.
“For more than 90 years, we’ve called Central New York home, developing the materials that support some of the world’s most advanced technologies. We’re grateful for Micron’s confidence in our team and the opportunity to build on that history,” Berntson says.
Micron said the partnership also complements its ongoing expansion of US semiconductor fabrication and technology operations.
The company plans to increase its total US investment commitments to more than US$250 billion through 2035, supporting the development of domestic manufacturing capacity and associated supply chains.
Write to Jackson Chen at Mining.com.au
Main Image: Micron
