US launches global push to reduce supply chain risks in critical minerals market

The United States, along with its partners and allies, announced a major global push to reshape the market for critical minerals and rare earths, unveiling a series of agreements, financing commitments and new institutional frameworks aimed at building secure, diversified and resilient supply chains as demand for advanced technologies continues to surge.

US Secretary of State Marco Rubio, joined by Vice President JD Vance and senior cabinet officials of the Trump Administration, hosted the 2026 Critical Minerals Ministerial.

The gathering included representatives from 54 countries and the European Commission, 43 foreign ministers and high-level delegations from major economies such as India, Japan, Germany, Australia, Canada, the UK, South Korea, Saudi Arabia and Brazil.

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Concentrated critical mineral supply chains

The US administration highlighted growing concerns over the concentration of critical mineral supply chains, warning that dependence on limited sources has turned these materials into tools of political leverage and exposed economies to disruptions.

The statement by the US Department of State said, “Today, this market is highly concentrated, leaving it a tool of political coercion and supply chain disruption, putting our core interests at risk.”

At the ministerial, the United States signed 11 new bilateral critical minerals frameworks and memorandums of understanding (MOUs) with countries including Argentina, Ecuador, Guinea, Morocco, Peru, the Philippines, the UAE and Uzbekistan.

According to the statement, over the past five months, Washington has already concluded 10 similar agreements and completed negotiations with 17 additional countries, signalling a major diplomatic push to expand supply sources and promote fair market practices.

These frameworks aim to address pricing challenges, boost mineral development, close supply chain gaps and unlock financing for strategic projects.

“We will build new sources of supply, foster secure and reliable transport and logistics networks, and transform the global market into one that is secure, diversified, and resilient, end-to-end,” the statement read.

Secretary Rubio also announced the creation of the Forum on Resource Geostrategic Engagement (FORGE), which will replace the Minerals Security Partnership (MSP). Chaired initially by South Korea, FORGE will focus on policy coordination and project-level collaboration to strengthen secure and diversified critical mineral supply chains.

The initiative will work closely with governments and the private sector to accelerate investment and infrastructure development.

Recognising the scale of the challenge, the US emphasised partnerships with private companies through initiatives such as Pax Silica, which focuses on mining, refining, recycling and advanced manufacturing.

Ahead of the ministerial, US officials witnessed the signing of an MOU between Glencore and the US-backed Orion Critical Mineral Consortium, linked to a potential acquisition of mining assets in the Democratic Republic of the Congo. The agreement aims to boost US investment in copper and cobalt production—key materials for clean energy and technology industries.

The US government revealed it has mobilised more than $30 billion in investments, loans and financial support for critical mineral supply chains over the past six months alone, with dozens of additional projects under review.

The statement said public funding is catalysing significantly larger private capital inflows, generating billions of dollars in new mining and processing ventures worldwide.

The Export-Import Bank of the United States (EXIM) announced a $10 billion direct loan under ‘Project Vault’ to establish a domestic strategic reserve of critical minerals—the largest financing in the bank’s history.

EXIM has also issued $14.8 billion in letters of interest for projects ranging from lithium extraction in Arkansas to rare earth processing in the US and metal production in Australia.

The Department of Energy has backed major projects including lithium mining in Nevada, battery recycling facilities, graphite processing plants and geothermal lithium extraction, alongside new funding programs totalling hundreds of millions of dollars.

Meanwhile, the US International Development Finance Corporation (DFC) has committed and explored over $1 billion in mineral investments globally, including rare earth extraction in Brazil, tungsten development in Kazakhstan and strategic mining initiatives in Ukraine.

The Office of the United States Trade Representative (USTR) announced a new Action Plan on Critical Minerals with Mexico to reduce supply chain vulnerabilities.

Additionally, the US, European Commission and Japan revealed plans to develop joint action frameworks aimed at boosting resilience across critical mineral supply chains.

According to the statement released, these coordinated efforts span domestic and international projects, aimed at strengthening US national security and economic competitiveness.

“Under the Trump Administration, America is leading the global race for strategic minerals and advanced manufacturing. This is only the beginning—dozens of additional projects are in the pipeline, undergoing due diligence by US funding agencies, with more coming online soon,” the statement read.