Trump Administration’s $40 Billion Mineral Push Spans 160 Deals

The Trump administration’s $40 billion push to expand U.S. mining spans 160 deals and aims to reduce reliance on China for critical materials the administration links to national security.

President Donald Trump signed an executive order in March 2025 to increase domestic mineral production, streamline permitting and support national security. The government has since agreed to take equity stakes in MP Materials, Lithium Americas, Trilogy Metals, USA Rare Earth and other firms.

Federal stakes in private companies are uncommon beyond periods of war or financial crisis.

The effort includes mining and refining as the administration seeks to rebuild domestic supply chains. China has reduced or stopped some critical mineral shipments to the United States and allied countries. Commerce Secretary Howard Lutnick and Interior Secretary Doug Burgum have defended the federal investments.

MP Materials’ Department of War agreement combines an equity investment with a price floor and an offtake commitment, or an agreement to buy production. The company warned in a filing that its government ties could bring audits, investigations, congressional scrutiny and civil or criminal enforcement, including action under the False Claims Act. It also cited possible limits on future government-funded opportunities, suspension or debarment.

Almonty Industries CEO Lewis Black said, “We’ve always believed government’s place in our business is as a customer, not a shareholder.”