The US government intends to expand equity investments in critical minerals enterprises, a White House official stated on Thursday, framing this once-uncommon measure as necessary to counter China’s dominance in raw materials integral to sectors spanning semiconductors to MRI equipment. Jarrod Agen, executive director of the National Energy Dominance Council, noted at a Washington forum that such stakes are now normative from the US perspective. He highlighted that a wide range of companies are approaching the government with valid justifications for support.

Critical minerals like gallium and cobalt are applied in products from consumer electronics to industrial magnets, and are vital for defense systems (missile guidance, radar, jet engines) as well as carbon-reduction technologies such as batteries. Over the past year, the Trump administration has allocated over $1 billion to acquire stakes in critical minerals and mining firms, often driving significant increases in their stock prices.

Key deals include $400 million for a 15% stake in MP Materials Corp. (July announcement), $670 million for a stake in magnet producer Vulcan Elements Inc., and $35.6 million for a 10% stake in Canadian explorer...