Rep. Jerry Lewis inserted the earmark for the mine owned by Goldman Sachs into the House Defense appropriations bill.

Politico:

A mining company owned by Goldman Sachs and two private equity funds is in line to get a $3 million earmark for work at a rare earth elements mine in Mountain Pass, Calif. — raising questions as to why Congress would take on some of the risk for a bailed-out investment giant that’s already making a profit.

Molycorp Minerals’s open-pit mine is one of the world’s richest sources of elements that are used in the production of powerful magnets for precision-guided missiles and smart bombs, handheld communication devices, wind turbines and hybrid cars.

Rep. Jerry Lewis (R-Calif.) inserted the earmark for the mine into the House Defense appropriations bill, and backers say it’s a legitimate national security concern. The military needs rare earth elements, and China — which is rich in them — has threatened to cut off exports.

But some government watchdogs question whether taxpayers should be asked to prop up a project that is already funded by wealthy investors who expect to make a profit.