US races to secure critical minerals amid supply chain challenges

The US is stepping up efforts to diversify its critical mineral supply chains and secure resources as China tightens its export controls, particularly for rare earths. In a significant development, the Export-Import Bank of the United States approved financing for RZ Resources Ltd.'s Copi heavy mineral sands project in New South Wales, Australia. This marks the first time the US agency has backed an Australian mining project since 2013. The Copi project aims to supply critical minerals, including titanium for US aerospace, and rare earths, with its mineral separation plant in Brisbane expected to begin operations by early 2027.

Recent discussions in Washington between US and Australian officials highlighted growing collaboration over critical minerals in response to China's increased export controls. The US government is reportedly looking to acquire stakes in Australian projects and companies, reflecting a strategic push to secure resources from allied partners. Australia hosts 43 of the 55 minerals critical to the US and has 680 deposits aligned with the US Critical Minerals list, 90% of which are open to US investment, according to the Australian Trade and Investment Commission.

The US could start investing in copper projects and create a strategic stockpile as the growing AI demand threatens to compound energy challenges, according to executives at Sprott Inc., a global asset manager focused on precious metals and critical materials investments. A recent report from Sprott highlighted copper, rare earths and lithium as being "indispensable and central to defense, electrification and energy policy."

The copper market is facing supply disruptions in 2025 due to fatal mine collapses, tailings bottlenecks and other operational challenges at major global mines such as Freeport-McMoRan's Grasberg in Indonesia, Ivanhoe Mines' Kamoa-Kakula in the Democratic Republic of Congo and Codelco's El Teniente in Chile. These disruptions have tightened global copper supply and driven a rally in prices, with the London Metal Exchange spot price rising 25.3% year to date. Some analysts expect these supply constraints and elevated prices to persist into 2026, while others are more bearish over macroeconomic concerns.

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