Trump will host mining CEOs to discuss the administration's desire for minerals in defense supply chains
U.S. president?Donald Trump?will convene executives of?some the world's biggest mining companies?at?the State Department?on Friday. His administration is intensifying efforts to secure domestic supplies and those of allied countries of vital minerals, which are a cornerstone in its national security policy and industrial policy.
The White House requires critical minerals to replenish stockpiles of weapons depleted by the Iran conflict, and to reduce U.S. dependency on Chinese supply chains.
The five-month long war in Iran has seen the U.S. military burn through a large number of precision-guided interceptors and missiles. Defense officials and legislators have warned that replenishing certain?inventory could take years due to existing production constraints. The Trump administration, however, has denied reports of significant shortages.
According to Pentagon officials, and defense companies, supplies of minerals such as rare earths and tungsten are vital for the manufacture of precision-guided weapons, fighter aircraft, armored cars, infrared sensor and other advanced weapon systems.
Roundtable events are often used by the White House to demonstrate support from corporate executives. They surround Trump with industry leaders who praise Trump's policies and emphasize his administration's economic priority. This format gives companies a chance to publicly support White House initiatives, while also giving Trump an opportunity to highlight his efforts to boost U.S. manufacturing and competitiveness.
Attendees include Rio Tinto Group (BHP Group), Freeport-McMoRan Inc., MP Materials Corp., USA Rare Earth Inc., Energy Fuels Inc. and The Metals Company.
According to a source familiar with the planning, the administration will announce a few deals and memorandums.
The government is also addressing the shortage of geologists, engineers, miners, and technicians required to expand the mining industry in this country.
On Friday, Department of Energy will host representatives of all 14 accredited U.S. Mining Schools to promote careers in mining and to?encourage students to enter this field.
China's vast network of mining universities has been cited by officials as an advantage for its dominance in global mineral production.
Since returning to the White House, Trump has launched an?equity investment in companies that are developing?U.S. Mines and processing plants, and has sought to limit defense contractors' reliance on Chinese supplies.
The administration claims that government support is necessary to counter decades-long Chinese investment, which has left Beijing dominant in mining and processing many strategic minerals.
(source: Reuters)
