minerals News Updates

The Trump administration hosted 55 countries at a critical-minerals summit Feb. 4, pitching price floors and a flood of U.S. private equity in a bid to reduce dependence on China.

The European Union will pitch the U.S. on a critical minerals partnership to curb China’s influence, looking to shape the Trump administration’s push to strike global agreements this week.

The White House confirmed on Feb. 2 the start of “Project Vault,” which would initially be funded by a $10 billion loan from the U.S. Export-Import Bank and nearly $1.67 billion in private capital.

The bill would favor a market-based approach by setting up the independent body charged with building a stockpile of critical minerals, stabilizing prices and encouraging production.

President Trump has been under pressure to respond after China constrained access to rare earths crucial to advanced technologies during a trade spat last year.

China is home to more than 90% of global rare earths and permanent magnets refining capacity, compared with just 4% for second-place Malaysia, according to the International Energy Agency.

President Trump signed an agreement with Australian Prime Minister Anthony Albanese to boost access to critical minerals and rare earths, as the U.S. looks to reduce reliance on China.

Cleveland-Cliffs said two of its sites, one in Michigan and another in Minnesota, show “key indicators of rare-earth mineralization.”

Trump said Oct. 10 that “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths.

President Donald Trump on Oct. 6 ordered approval of a proposed 211-mile road through an Alaska wilderness to allow mining of copper, cobalt, gold and other minerals.