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Governments shift into critical minerals mining deals with stockpiles
The US says it has signed or approved dozens of international critical minerals frameworks and project agreements since launching Project Vault in February, totaling about 160 deals valued near $40 billion since January 2025.
Governments are increasingly taking a more direct role in financing critical minerals projects, moving beyond traditional lending into positions more closely associated with commercial investors, including equity stakes, price floors, and long-term offtake agreements, according to MINING.com.
In February, US President Donald Trump announced the launch of Project Vault, a strategic stockpile of critical minerals backed by $12 billion, aimed at protecting manufacturers from supply disruptions as the US works to cut dependence on Chinese metals. After the launch, the US administration reported signing or approving dozens of international frameworks and project agreements, bringing the total to roughly 160 minerals-related deals valued near $40 billion since January 2025, according to Fastmarkets.
A Houston-based Baker Botts lawyer, Rebecca Seidl Inglesby, said the financing landscape for miners is changing because projects can face difficulty attracting conventional capital due to volatile commodity prices, long development timelines, and competition from established supply chains. She described a shift in the US from loan-heavy support toward a blended capital model, where public funds can sit alongside private investors, including direct federal equity.
She also noted that the policy toolkit now includes mechanisms such as critical minerals price-floor discussions, alongside offtake and strategic stockpiling arrangements, as Washington seeks to accelerate domestic mining, processing, and manufacturing capacity and reduce reliance on China.