The US push to blunt China’s dominance in critical minerals faces a test today as Secretary of State Marco Rubio gathers officials from dozens of nations in Washington to discuss fortifying existing supply chains and forging new ones.
The centerpiece of the administration’s strategy is a new $12 billion stockpile initiative, relying on a $10 billion Export-Import Bank loan — the largest in its history — bolstered by private capital. But the broader effort requires collaboration with allies who might still be bitter about President Donald Trump’s designs on Greenland.
The administration had the opportunity to seek necessary private-sector buy-in during a related industry event on Tuesday.
Critical mineral stockpiles “can buy some valuable time to diversify and reinforce alternative supply chains,” Dominic Raab, who leads global affairs at Appian, a private equity firm focused on mining, told Semafor.
Separately, the EU is pitching its own critical minerals partnership with the US.