Under the agreements, the US Department of War will invest US$17.8 million directly into Trilogy Metals for 8.2 million units priced at US$2.17 per unit. Each unit comprises one share and three-quarters of a 10-year warrant exercisable at US$0.01 following completion of phase one of the proposed Ambler Access Project or a change of control. A further US$17.8 million will be paid to South32 for 8.2 million Trilogy Metals shares currently held by South32. South32 will also receive a 10-year call option to acquire an additional estimated 6.2 million Trilogy Metals shares at US$0.01 per share. Upon completion, the US government will hold a 10% non-diluted ownership position in Trilogy Metals.

Critically, both Trilogy Metals and South32 have committed to reinvest the entirety of the proceeds from this strategic investment into Ambler Metals. This means the full approximately US$35.6 million will flow into the 50/50 joint venture that holds the Upper Kobuk mineral projects, directly supporting exploration and development activities.

Strategic Investment Advances Ambler Minerals Development

Ambler Metals holds the Upper Kobuk mineral projects, which span approximately 190,929 hectares across northwestern Alaska. The projects focus on copper, zinc, lead, gold, silver and cobalt — minerals widely recognised as critical to secure supply chains. The strategic equity investment is intended to advance exploration and development work across this substantial project area.

Key preclosing milestones have already been completed, including the US government’s foreign ownership, control or influence risk assessment and Congressional authorisation. The transaction also includes board representation rights for the US Department of War, with the right to designate one independent director until October 2028 and appoint a non-voting board observer while holding at least 8 million shares.

The proposed Ambler Access Project, covering approximately 339.57 km, would connect the mining district to the Dalton Highway. The US Department of War has agreed to help facilitate financing for the road construction in coordination with Alaska, which would support the broader advancement of the Upper Kobuk mineral projects.

South32 and Trilogy Metals Reinvest Proceeds in Alaska

South32’s role in this strategic investment is significant. As the 50% owner of Ambler Metals, South32 is selling part of its Trilogy Metals shareholding to the US government as part of the transaction. By committing to reinvest its US$17.8 million in proceeds back into the joint venture, South32 is reinforcing its support for the development of the Upper Kobuk mineral projects alongside Trilogy Metals.

The strategic investment structure ensures that both joint venture partners channel fresh capital into Ambler Metals, strengthening the financial position of the venture as it progresses exploration and development of Alaska mining assets rich in critical minerals such as copper, cobalt and zinc. The closing of this strategic investment remains expected in September, subject to customary conditions.

Copper Recovery from Legacy Mine Water Enters Pilot Stage

Starting in August 2026, SiTration and BHP are running an initial small-scale pilot plant at the historic Copper Cities site in Arizona’s Globe-Miami mining district. The first deployment will validate continuous and autonomous copper production from legacy mining water over a one-month period.

The Copper Cities site produced almost 400 000 tonnes of copper between the 1950s and 1980s. SiTration and BHP now see an opportunity to recover value from legacy mining assets like this one, with the potential to create new pathways for domestic US copper supply.

Prior to the pilot, SiTration conducted bench-scale testing using real feedstock from the Copper Cities site. Those tests demonstrated London Metal Exchange Grade A copper production without using any chemicals or generating new waste products. Preliminary energy consumption was reported below 4 kWh/kg to recover copper from the diluted legacy mine water.

BHP and SiTration Test Recovery Technology

The pilot deployments are designed to evaluate SiTration’s mining technology under real operating conditions. BHP legacy assets general manager Kevin Ramsay said the Copper Cities pilot provides an opportunity to assess an innovative approach to copper recovery from mining-impacted water while generating valuable technical and operational insights.

“We are excited to work with SiTration to test this technology under real operating conditions and better understand its potential to recover value from legacy mining water sources,” Ramsay said.

SiTration CEO and co-founder Brendan Smith said the American Southwest region houses billions of dollars’ worth of copper in legacy mining water. “With global copper demand projected to grow by 70% by 2050, tapping into these resources is an excellent pathway to bolster domestic supply chains while producing copper at the bottom of the global cost curve,” Smith added.

Larger Pilot Targets Copper Cathode Production

Following the initial one-month trial, a larger deployment is planned for later in 2026. That larger pilot is targeting production of up to two tonnes of commercial-scale copper cathodes over a two-month period.

The planned progression from small-scale validation to a larger trial reflects the companies’ interest in understanding how the copper recovery from legacy mine water approach performs at increasing scale. Should the pilots deliver positive results, the technology could offer a potential new route to recovering copper from legacy mining assets across the region.

Both deployments remain at the pilot and testing stage. The results will inform whether the technology can move toward broader application for copper recovery from legacy mine water sources.

Under the terms of the MOU, the two companies agreed to negotiate the potential supply of gallium and germanium from the Brook Mine project. The agreement is non-binding, and no confirmed volumes, pricing or long-term purchase commitments have been disclosed. The gallium and germanium supply deal represents an early-stage exploration of a commercial supply arrangement rather than a finalised contract.

Ramaco and Indium Agree Gallium and Germanium Supply MOU

Ramaco Resources is developing critical minerals and rare earth elements at Brook Mine, located near Sheridan, Wyoming. The company describes the project as holding what it believes is the nation’s largest unconventional deposit of rare earth elements and critical minerals sourced from coal and carbonaceous ore. Ramaco says Brook Mine is America’s first new rare earth element and critical-mineral mine in more than 70 years.

Full-scale mining is underway at the site, and construction of a pilot processing facility is also in progress. The project is initially focused on the vertically integrated production of commercial oxides.

Ramaco Resources CEO Randall Atkins said the gallium and germanium supply deal demonstrates a promising opportunity to introduce Brook Mine gallium and germanium into established domestic and allied supply chains. “By combining Ramaco’s potential domestic resource base with Indium Corporation’s established presence in advanced technology manufacturing, we believe this proposed relationship could strengthen and diversify the supply of materials that are increasingly critical to the U.S. electronics, semiconductor, and advanced manufacturing industries,” Atkins said.

Brook Mine Advances Critical Mineral Development

Brook Mine sits at the centre of Ramaco Resources’ broader critical minerals strategy. The project’s location near Sheridan, Wyoming, positions it within established mining territory, and the company is building out processing infrastructure alongside its mining operations.

The focus on vertically integrated production of commercial oxides is intended to move the project beyond raw extraction and into processed materials that can feed directly into downstream manufacturing. Gallium and germanium are two of the critical minerals targeted for production at the site.

Deal Links Mining With Advanced Manufacturing Supply Chains

Indium Corporation, headquartered in Clinton, New York, is a global materials refiner, smelter and manufacturer. The company supplies specialised metals, solders and thermal management products used in building electronics, semiconductors, electric vehicles, aerospace and defence systems. Indium specialises in refining, alloy development and manufacture of high-performance materials, including gallium- and germanium-based products used throughout the semiconductor value chain.

The proposed gallium and germanium supply deal between Ramaco Resources and Indium Corporation would connect domestic mineral production at Brook Mine with Indium’s downstream manufacturing capabilities. If the companies reach a binding agreement, it could provide a US-based source of gallium and germanium for products that currently depend heavily on imported materials.

The MOU underscores growing interest in establishing domestic critical-mineral supply chains that link mining operations with advanced manufacturing within the United States and allied nations.

The Blackwater gold mine, located south of Prince George, began commercial production earlier this year. Work on the first stage of the expansion programme is already underway, and the full build-out is expected to be complete before the end of 2028.

Blackwater Gold Mine Expansion Enters Next Phase

The first phase of the Blackwater Gold Mine Expansion carries a price tag of C$120 million and will lift the mill’s processing capacity from 6 million tonnes per annum to 8 million tonnes per annum. This initial upgrade is designed to boost throughput at the existing facility without requiring a second processing line.

Phase 2 represents a far larger undertaking. Artemis Gold plans to invest C$1.44 billion to construct a second processing train at the Blackwater gold mine, raising total capacity to 21 million tonnes per annum. That expansion will transform the scale of the operation entirely.

Processing Capacity Set to Reach 21Mtpa

Once both phases are finished, the Blackwater mine expansion will have taken the operation from its initial 6 Mtpa throughput to 21 Mtpa. more than three times the original design. The gold mine expansion programme reflects the scale of the orebody and the company’s confidence in the long-term production profile.

With the expanded processing capacity in place, the mine could support gold production growth of more than 500,000 ounces per year for a decade, according to the company. That level of output would make Blackwater one of Canada’s three largest gold-producing mines, a notable achievement for an operation that only recently entered production.

Expansion to Lift Gold Production and Employment

The Blackwater Gold Mine Expansion is also driving significant workforce growth in the region. The mine currently employs around 900 full-time workers and contractors. During the construction period for the second phase, an additional 1,500 construction workers are expected to be on site over the course of two years.

Once the expansion programme is complete, the permanent workforce at the Blackwater gold mine is projected to grow from 900 to approximately 1,200. That sustained employment base adds to the economic contribution the mine already makes to the Prince George area and broader British Columbia.

Artemis Gold has moved quickly since bringing the mine into commercial production. The phased approach to the gold mine expansion allows the company to fund ongoing construction while the existing operation generates revenue. With the second phase expected to wrap up before the close of 2028, the full production ramp-up at Blackwater could begin within the next few years.

The scale of the expansion nearly C$1.56 billion in total investment and a target of more than 500,000 ounces annually, underscores the significance of the Blackwater project within Canada gold mining.

US Critical Minerals Funding Supports Waste Recovery

The projects selected under this US Critical Minerals Funding programme target scandium, copper, antimony and rare earth elements. Rather than focusing on new deposits, the effort centres on extracting value from existing mines, tailings, industrial facilities and other feedstocks. The programme aims to move recovery technologies from laboratory and pilot stages towards commercial production.

“Leveraging existing bench-scale and pilot-scale facilities is a vital opportunity to produce critical materials necessary for our energy, defence and economic security,” said Audrey Robertson, Assistant Secretary of Energy. “By investing in these facilities, we can de-risk commercial scale production technologies to grow new economic and manufacturing opportunities.”

The US Critical Minerals Funding selections include Anactisis, Still Bright, Nusano and SiTration, which are advancing processes from laboratory or bench scale to prototype demonstrations. Thompson Creek Metals Company USA, Felix Gold’s Treasure Creek project in Alaska, DISA Technologies, Alcoa and Trigg Minerals were selected to move existing pilot-scale technologies closer to pre-commercial demonstration.

Mining Waste Becomes a Source of Critical Minerals

Most of the selected projects are pursuing unconventional sources of critical minerals, including mine waste and industrial byproducts that previously held little economic value. The approach pairs new mineral recovery technologies with facilities and material already in place, potentially shortening the path to production.

Felix Gold’s Treasure Creek project near Fairbanks, Alaska, focuses on recovering high-grade, near-surface antimony using existing mining infrastructure. Antimony is used in ammunition, sensors and flame retardants, making it strategically important to the defence sector. SiTration, a Massachusetts Institute of Technology spinout based in Cambridge, has developed technology to recover copper and other critical materials from diluted mining waste streams at operating sites. Other projects are looking at old tailings, abandoned copper mines and existing aluminium facilities.

The critical minerals recovery effort reflects a growing recognition that mining waste and industrial residues can serve as viable domestic sources of strategic materials, turning liabilities into potential supply streams.

Funding Targets Domestic Mineral Supply

This US Critical Minerals Funding round builds on the Department of Energy’s August 2025 announcement of nearly $1 billion aimed at expanding US mining, processing and manufacturing capacity across critical-mineral supply chains. It also follows $75 million announced in July for five projects seeking to produce rare earth elements and other critical materials from coal and coal-based feedstocks.

Together, the programmes reflect a wider effort to diversify the domestic mineral supply as Washington seeks to reduce exposure to foreign producers. China has dominated the production and processing of many critical minerals for decades and has used mineral export restrictions during trade disputes, heightening concerns over access to materials needed for military equipment, energy technologies and advanced manufacturing.

The latest selections, however, do not guarantee that the companies will receive the stated funding. The projects must first undergo award negotiations with the Department of Energy, which can change award amounts, cancel negotiations or rescind a selection before funds are issued.

Securing domestic sources of critical minerals is only part of the challenge facing American supply chains. Those materials must also be processed, refined and manufactured into usable forms before they reach end markets across energy, industrial and national security sectors. Reducing reliance on foreign sources for that processing work has become a clear federal priority, and this round of US Critical Minerals Funding is structured to address that gap directly.

DOE Expands US Critical Minerals Funding

Created under the Infrastructure Investment and Jobs Act, DOE’s Battery Materials Processing and Battery Manufacturing and Recycling programmes each carry $3 billion in authorised funding. Through the first two rounds, beginning in October 2022 and followed by a second in September 2024, DOE awarded grants to 39 projects. Together, those rounds represent nearly $5 billion in federal grants and roughly $16 billion in combined investment across the domestic battery supply chain.

The third round builds on that foundation, making $200 million available for critical mineral processing from raw feedstocks, $100 million for recovering materials from end-of-life batteries and manufacturing scrap, and $200 million for battery materials and component manufacturing. All seven projects were selected for potential funding, meaning awards have not yet been finalised.

Lithium, Cobalt and Recycling Projects Gain Support

On the critical mineral processing side, a commercial lithium extraction and refining facility at West Promontory, Utah, on the northeastern shore of the Great Salt Lake, was selected for a $100 million federal share. The facility is designed to produce battery-grade lithium carbonate while returning processed brine to the lake with no net water loss. Its first phase aims to double current US lithium production. Separately, a commercial cobalt refinery was selected for a $100 million federal share. The cobalt refining facility would produce battery-grade cobalt sulfate and related materials using established refining technology, with the industrial site still to be determined.

Battery recycling and materials recovery also feature prominently in this round of US Critical Minerals Funding. A $100 million federal share was allocated to a facility in the southeastern United States that would refine black mass from end-of-life lithium-ion batteries and manufacturing scrap into high-purity metals and battery-grade materials. A further $50 million federal share supports a demonstration facility in Commerce, Georgia, focused on recovering nickel-containing cathode material from battery manufacturing scrap using a low-temperature plasma process.

Funding Targets Downstream Battery Supply Chains

The remaining selections address advanced battery materials and component manufacturing. A Gulf Coast facility was selected for a $50 million federal share to produce battery-grade ethylene carbonate, a key ingredient in lithium-ion battery electrolytes. Another project, selected for $50 million, would scale pilot-level technology to produce ultra-thin lithium-metal films and prelithiated materials for higher-energy, faster-charging batteries. A further $50 million federal share supports silicon-anode lithium-ion electrode and cell manufacturing in California, using domestically sourced metallurgical silicon in place of imported graphite.

This latest round of US Critical Minerals Funding reflects a continued federal effort to build out domestic processing and downstream capacity. As Assistant Secretary of Energy Audrey Robertson stated, “DOE is taking decisive action to secure the critical supply chains necessary to power our nation. These projects underscore DOE’s commitment to driving innovation, reducing reliance on foreign sources, and promoting American energy dominance.”

The South Railroad Project is located along Nevada’s prolific Carlin Trend, one of the most productive gold-bearing geological formations in the world. Following the federal approval, Equinox commenced early construction works and earth-moving activities at the property.

Federal Approval Clears South Railroad Development

The Record of Decision represents a significant regulatory milestone for the South Railroad Project. With the NEPA permitting process now complete, the Nevada gold mine can advance through the remaining stages of development without the uncertainty that typically surrounds federal permitting for large-scale mining operations.

Equinox President Jason Simpson said in the company’s release, “Receiving the Record of Decision is a major milestone for the South Railroad project and advances our next phase of growth.” He added, “The incremental production from South Railroad will be the first meaningful contributor towards our objective of adding 800,000 ounces of annual gold production from our organic development pipeline.”

Detailed engineering for the South Railroad Project currently sits at 55.2 per cent completion, with work continuing as the mine development progresses through its pre-production phases.

Early Construction Begins in Nevada

With the federal approval secured, early construction and earth-moving activities are now under way at the South Railroad site. Mining equipment is expected to begin arriving by the end of 2026, positioning the operation for the next stages of mine development.

Equinox Gold is targeting the start of mining activities at the Nevada gold mine in spring 2027. The timeline reflects a steady progression from permitting through to active operations, with key milestones expected to fall into place over the coming months.

South Railroad Targets First Gold in 2028

The South Railroad Project is planned as an open-pit heap-leach mining operation, a method well suited to the geological characteristics of the Carlin Trend. Based on a 2026 feasibility study, the mine is expected to yield an average of 130,000 ounces of gold annually over its first five years of production.

Across the initial 10-year mine life, output is planned to exceed 100,000 ounces of gold per year. First gold production is targeted for 2028.

The federal approval marks a key step in the South Railroad Project’s progression from an advanced development asset to an operating mine, reinforcing Equinox Gold’s position within the Nevada mining landscape.

The momentum around Project Crucible follows a recent announcement by US President Donald Trump, who introduced a $3 billion critical minerals investment package during a roundtable on the American mining industry held at the US Department of State in Washington. The announcement reflects growing US efforts to strengthen competitiveness across advanced industries including defence, semiconductors, artificial intelligence and batteries by expanding domestic processing and refining capacity and securing raw materials at home.

US Commerce Secretary Howard Lutnick drew specific attention to Project Crucible during the event, identifying Korea Zinc’s Tennessee smelter as a key example of how government tariffs and federal policy can attract world-class industrial firms to build essential infrastructure in the United States. Lutnick described critical minerals as not merely an economic concern but a national security issue, stating that the US cannot depend on foreign adversaries if it intends to lead in advanced manufacturing, AI, semiconductors, energy and defence.

“Our objective is very simple. We’re going to mine here. We’re going to process here. We’re going to refine here. We’re going to manufacture here,” Lutnick said.

Project Crucible Gains US Government Support

Korea Zinc is advancing execution of Project Crucible through Crucible Zinc, its US joint venture backed by major equity investments from the US Departments of Defense and Commerce. Washington’s financial stake in the venture underscores the project’s critical role in national security planning.

Demonstrating this strategic alignment, Project Crucible became the first South Korean-led initiative to receive designation under FAST-41, a federal framework designed to streamline environmental and administrative permitting for key infrastructure projects. The FAST-41 designation highlights Korea Zinc’s refining capabilities as an essential pillar of US economic security and frames the project as a hybrid model combining US resources, infrastructure and policy backing with Korean technology and operational expertise.

Tennessee Smelter Targets Multiple Critical Minerals

One of the most significant advantages of the planned Tennessee smelter under Project Crucible is its ability to produce 12 nonferrous metals along with semiconductor-grade sulfuric acid through a single integrated processing system. According to Korea Zinc, 11 of those metals are among the 60 critical minerals designated by the US government. The metals include zinc, lead, copper, silver, antimony, indium, bismuth, tellurium, palladium, gallium and germanium.

Among these, gallium, germanium, indium and antimony hold particular strategic importance owing to their applications in semiconductors, defence, telecommunications and energy. For the United States, the ability to recover multiple critical minerals from one integrated facility could improve the efficiency of supply chain development. For Korea, the project could expand bilateral ties beyond semiconductors, batteries and automobiles into critical minerals processing and refining stages of the supply chain.

Korea Zinc also plans to process approximately 620,000 tonnes of smelting byproducts accumulated across five pond sites at the Tennessee location. Industry observers say combining these existing assets with Korea Zinc’s refining expertise could help accelerate commercial production. Leveraging existing infrastructure, local workers and established feedstock networks could reduce the time and risks typically associated with developing a new facility from scratch.

Korea Zinc Brings Refining Expertise to US Project

Korea Zinc has spent decades operating its Onsan smelter in Ulsan, producing zinc, lead and copper while developing technologies to process complex, low-grade feedstocks and recover rare and valuable metals from smelting byproducts. That deep operational experience in critical minerals processing positions the company to contribute meaningfully to Washington’s initiative to build a more integrated critical minerals supply chain.

The Tennessee smelter project reflects a broader convergence of US policy ambitions and Korean industrial expertise. By pairing federal investment and regulatory support with Korea Zinc’s proven refining technology, Project Crucible represents an approach that draws on both nations’ strengths to address what Washington views as a pressing national security and economic challenge in the critical minerals space.

The programme, formally titled Providing Opportunities for Specialised Education in Critical Technologies (PROSPECT), represents a significant federal investment in mining education and workforce development. It targets a sector where skilled labour demand continues to outpace supply.

$100 Million PROSPECT Initiative Targets Labour Shortages

According to the Department of Energy, the United States will require approximately 6,000 new mining engineers over the next decade. Beyond engineering, there is also considerable demand for professionals in materials science, processing and recycling — disciplines that are central to maintaining a functioning critical minerals supply chain.

The PROSPECT initiative aims to double the number of graduates earning degrees in mining, minerals and supply-chain technologies. To achieve this, the programme envisions new curricula, modern teaching tools, scholarships, financial aid and incentives designed to sustain long-term enrolment and support industry growth. The critical minerals workforce expansion effort is part of broader federal measures to strengthen domestic supply chains and reduce reliance on foreign sources for essential materials.

US Secretary of Energy Chris Wright said the initiative reflects a commitment to rebuilding the nation’s industrial base. “A strong domestic mining and minerals workforce is essential to powering America’s future, strengthening our national security, and ending our dependence on foreign adversaries,” Wright stated. “Through the PROSPECT initiative, the Department is investing in the next generation of American engineers, scientists, and skilled workers.”

Assistant Secretary of Energy Audrey Robertson described the programme as an unprecedented investment. “PROSPECT invites them to work at the intersection of cutting-edge science and their country’s highest strategic priorities,” Robertson said. “This unprecedented investment will funnel homegrown talent into fulfilling, high-demand careers at the forefront of America’s industrial renaissance.”

Accredited Mining Schools Central to Workforce Expansion

The PROSPECT initiative draws on the network of 14 accredited mining engineering programmes across the United States. These institutions form the backbone of the country’s mining education infrastructure and are expected to play a key role in scaling up the critical minerals workforce pipeline.

Friday’s announcement was described as a historic milestone for the mining industry. It marked the sector’s first White House invitation since 1910 under President Taft and the first occasion in history that schools of mines were included.

Montana Technological University, home to one of the 14 accredited mining engineering programmes, was among the invited institutions. The university offers academic pathways including an associate degree in Mining Technology as well as bachelor’s and master’s degrees in Mining Engineering. Montana Tech also operates the Underground Mine Education Centre, the nation’s only campus-based underground training facility, which spans over 3,000 feet of underground workings and supports research in underground mining methods, rock mechanics, ventilation, mine safety and geothermal energy utilisation.

Chancellor Johnny MacLean, who attended the announcement alongside faculty and students, said the DOE initiative aligns with the university’s mission. “This DOE initiative directly aligns with our purpose to meet America’s emerging needs by preparing the next generation of STEM leaders to secure our nation’s most vital supply chain and energy security needs,” MacLean stated.

Federal Investment Seeks to Strengthen Critical Minerals Supply Chain

The $100 million commitment through the PROSPECT initiative underscores the scale of the challenge facing the critical minerals workforce in the United States. With demand for mining engineers, materials scientists and recycling specialists projected to grow considerably, the programme is structured to build sustained educational capacity rather than offer short-term solutions.

By combining financial support for students with curriculum modernisation and enhanced teaching infrastructure, the initiative seeks to make careers in mining and critical minerals more accessible and attractive to the next generation of professionals. The critical minerals supply chain stands to benefit from a larger and more diverse talent pool entering the sector over the coming decade.

The DOE’s investment reflects the growing recognition that securing domestic critical minerals supply chains depends not only on resource availability but also on developing the skilled critical minerals workforce needed to extract, process and recycle those materials within the United States.

Trump said the critical minerals projects would “create thousands of jobs and promote our economic stability and security.” He added: “We’re putting our miners back to work, and we’re reclaiming America’s rightful place as the minerals superpower of the world.”

The president stated his efforts would ensure the US “is never again reliant on hostile foreign nations for the resources our country needs to dominate in the future.”

Individual Investments and Financing Across Multiple Sectors

The largest single component of the package is a $1.4 billion loan agreement with Sila Nanotechnologies, provided through the Defense Department’s Office of Strategic Capital.

Other investments announced include a $400 million Pentagon commitment to expand scandium production in Australia. Scandium is considered critical to aerospace and defence industries. A further $150 million investment was announced with Niron Magnetics, a Minnesota-based rare earths firm.

The Export-Import Bank is also working to provide more than $1 billion in financing for Ivanhoe Electric’s Santa Cruz copper project in Arizona. A separate $25 million investment was disclosed to launch a graphite mine project in Alabama.

Trump also highlighted plans to spend more than $180 million on educational programmes for the mining industry. He said the funding would “train the next generation of American miners.”

Senior Mining Executives Attend State Department Event

The president was expected to be joined at the event by executives from some of the world’s most prominent mining companies. Those invited included representatives from Rio Tinto, BHP, Freeport-McMoRan, MP Materials, USA Rare Earth, Energy Fuels, US Antimony, Sunrise Energy Metals, and The Metals Company.

The event was designed to showcase the administration’s efforts to accelerate US critical minerals development and processing ahead of a planned visit by Chinese President Xi Jinping to Washington in September.

Trump said that under his administration, domestic mines were reopening at a rapid pace. He cited what he described as the first American rare earth mine in more than 70 years and the construction of the first new aluminium smelter since 1980.

Federal Investment in Mine-to-Magnet Supply Chain Exceeds $10 Billion

Despite a trade truce that eased export controls over critical minerals and magnets essential to cutting-edge industries, rare earths remain a source of tension between the two largest economies. The US has sought to partner with domestic companies to build out a mine-to-magnet supply chain independent of China.

The federal government has already pledged more than $10 billion in investments aimed at jump-starting nascent US markets for rare earths and permanent magnets. The Pentagon initiated this spending more than a year ago when it announced a $400 million preferred equity stake in MP Materials, the sole domestic rare earths producer. Additional critical minerals projects backed by the government have been announced since then.

While the scale of the US critical minerals build-out is significant, there have been serious challenges and slow progress in developing the domestic industry. The $3 billion package announced on Friday represents the latest effort to accelerate that progress across multiple fronts, from mining and processing to workforce development.