An aerial view of the Pentagon. (U.S. Navy Photo)

The Defense Department’s Office of Strategic Capital (OSC) on Tuesday said it has agreed to provide Phoenix Tailings a conditional $500 million loan for the processing of rare earth elements to expand existing capacity and construct a new facility as part of ongoing efforts to bolster the U.S. industrial base. Phoenix Tailings is also receiving another $500 million in private capital to assist with the expansion and construction. The Massachusetts-based company is currently conducting a nationwide search for the new…