MINEX Forum

Month: March 2026

  • First Quantum Sells Turkish Copper-Zinc Mine to Cengiz Holding for $340 Million in Latest Portfolio Restructuring Move

    First Quantum Sells Turkish Copper-Zinc Mine to Cengiz Holding for $340 Million in Latest Portfolio Restructuring Move

    Canadian mining company First Quantum Minerals has agreed to sell its Çayeli copper-zinc mine in Türkiye to Cengiz Insaat, a subsidiary of one of Turkey’s largest industrial conglomerates, for $340 million in cash as the miner continues to streamline its asset portfolio and redirect capital toward its highest-priority operations.

    Under the binding agreement, the sale includes an advance payment of $50 million, with the full transaction expected to close during the second or third quarter of this year. Chief Executive Tristan Pascall described the deal as consistent with the company’s “disciplined approach to portfolio management,” with proceeds intended to support strategic priorities including a potential restart of the Cobre Panama copper operation — one of the world’s largest copper mines, which was shut down in late 2023 following civil unrest in the Central American country.

    Located on the Black Sea coast of northeastern Türkiye, the Çayeli mine has been in continuous operation since 1994, producing copper and zinc concentrates from a volcanic hosted massive sulphide deposit. Its reserve base is currently projected to support operations through to 2036.

    The transaction marks the second asset disposal First Quantum has executed in three months, following the $190 million sale of the past-producing Cobre Las Cruces copper mine in Spain in December.

    For the buyer, the acquisition represents a further aggressive expansion of its mining portfolio. Cengiz Holding last week completed its largest mining deal to date — the $1.5 billion purchase of the Copler gold mine in Türkiye from SSR Mining — making the Çayeli transaction the conglomerate’s second major mining acquisition within days.

    Despite the strategic rationale for the sale, First Quantum’s shares initially rose on the news before reversing course, closing down 1.7% by midday at a market capitalisation of approximately C$27.5 billion ($20.2 billion). UBS analyst Myles Allsop nonetheless upgraded the stock to a Buy rating from Neutral, raising his price target to C$50 from C$38, signalling confidence in the company’s refocused strategy.

  • Kazakhstan Unveils 7.5 Trillion Tenge Energy Plan to Build 7.8 GW of New and Upgraded Power Capacity by 2030

    Kazakhstan Unveils 7.5 Trillion Tenge Energy Plan to Build 7.8 GW of New and Upgraded Power Capacity by 2030

    Kazakhstan has launched a national energy project targeting the construction and modernisation of 7.8 gigawatts of power generation capacity by 2030, as the government moves to address a chronic shortage of baseload electricity infrastructure that has constrained economic growth.

    The initiative, announced by the office of Prime Minister Olzhas Bektenov, will be financed entirely outside the state budget, requiring a minimum of 7.5 trillion tenge in private investment. It represents one of the most ambitious energy infrastructure programmes in the country’s post-independence history.

    At the heart of the plan are several large-scale new power stations. A coal-fired plant with a capacity of 2,640 MW will be built in Ekibastuz — Kazakhstan’s established coal power hub — while facilities of 700 MW and 500 MW are planned for Kurchatov and Zhezkazgan respectively. Advanced coal-fired combined heat and power plants will also be constructed in Kokshetau, Semey and Ust-Kamenogorsk.

    Alongside new builds, eleven existing power stations will be modernised during the same period, including the Aksu State Regional Power Plant, Ekibastuz GRES-2 and the Karaganda energy hub. The upgrades are expected to reduce the average wear rate of core power generation equipment across the sector by 12.6% within five years.

    Environmental standards feature prominently in the design of the new coal capacity. All new facilities will be built exclusively using clean coal technologies, incorporating high-efficiency electrostatic precipitators, catalytic nitrogen oxide reduction systems and wet flue gas desulphurisation equipment — measures the government says will bring emissions in line with international standards.

    The energy programme has been synchronised with upstream coal mining and rail logistics planning. Annual energy coal consumption in Kazakhstan is projected to grow by approximately 20 million tonnes by 2030 to fuel the expanded generation fleet. To meet that demand, the country’s fleet of gondola freight wagons will be expanded by 600 units per day, railway infrastructure will be modernised, and predictable tariff corridors for domestic coal supply will be introduced to provide pricing stability for power producers.

    The government also expects the national project to generate significant knock-on demand across the domestic manufacturing sector, including for locally produced boiler units, power transformers and industrial automation systems — embedding the energy build-out within a broader industrial development strategy.

  • Race to Lock Up Rare Earths Supply Leaves Germany and South Korea Exposed, Warns Arafura CEO

    Race to Lock Up Rare Earths Supply Leaves Germany and South Korea Exposed, Warns Arafura CEO

    Germany and South Korea face a critical vulnerability in their rare earths supply chains as the United States and Japan move rapidly to secure long-term agreements with the world’s limited pool of non-Chinese producers, the chief executive of Australian rare earths developer Arafura has warned.

    The alert comes as China’s export restrictions on key rare earth minerals — imposed last year — continue to reverberate through the automotive and defence industries globally, accelerating a scramble among Western nations to lock up alternative supply. With only two Western producers currently operating at scale — Australia’s Lynas Rare Earths and US-based MP Materials at its Mountain Pass deposit — available supply outside China is extremely constrained.

    The US has already secured Mountain Pass output through a government deal with MP Materials, covering a significant portion of American demand. Lynas this month concluded a long-term supply agreement with Japan Australia Rare Earths running through 2038, alongside a shorter-term deal with the Pentagon. With Lynas’ supply now effectively committed, Arafura CEO Darryl Cuzzubbo said his company had observed a marked increase in urgency from prospective buyers. “The EU and in particular Germany, and Korea are quite exposed — where are they going to get their supply from?” he said.

    Arafura is positioning its Nolans project in Australia’s Northern Territory as one of the few remaining sources of meaningful non-Chinese supply. The project is planned to produce 4,440 metric tons per year of neodymium-praseodymium (NdPr) oxide — a key material used in rare earth permanent magnets for electric vehicles and wind turbines — from the second half of 2029, representing roughly 4% of projected global supply. The company already holds supply agreements with Hyundai Motor, Kia, Siemens Gamesa Renewable Energy and commodity trader Traxys.

    Arafura is now seeking to place a further 1,200 tons of NdPr oxide to bring secured supply to 80% of planned output — a threshold required by project lenders before a final investment decision can be made and construction begins. Cuzzubbo said negotiations were underway with multiple parties, with pricing the determining factor. “We haven’t put all of our eggs into one basket — the one that gets there first on the right sort of pricing regime is the one we’re going to go with,” he said. Arafura is seeking terms in line with those achieved by Lynas, which locked in a price of $110 per kilogram of NdPr oxide in both its recent deals. China-based spot prices currently sit at around $103 per kilogram.

    Beyond direct supply agreements, Arafura expects to participate in Australia’s A$1.2 billion ($836 million) strategic critical minerals reserve, which is due to begin operating in the second half of this year. Cuzzubbo called for the reserve’s floor price mechanism to be anchored to an independent international benchmark — such as that published by Benchmark Minerals Intelligence — rather than to Chinese market prices, which he argued have distorted the global market. “The market is broken — you need to create a functioning market,” he said. “A floor price will take uncertainty out of pricing, which has been very uncertain given China’s control, and that will help bring in investors.”

    He also framed the reserve as a strategic tool for Australian diplomacy. “It is a bit of a bargaining chip that the Australian government can use with its allies,” he said, adding that it could help accelerate project development across the sector.

  • Kazakhstan’s Karaganda Region Bets on Digital Upgrades and New Investment to Revive Its Mining Heartland

    Kazakhstan’s Karaganda Region Bets on Digital Upgrades and New Investment to Revive Its Mining Heartland

    Karaganda Region, long the industrial backbone of Kazakhstan, is pushing to modernise its mining sector through digital technology and a wave of new investment projects, even as the industry grapples with volatile commodity prices, ageing infrastructure and a growing shortage of skilled workers.

    Speaking to news agency NewTimes.kz, Alibek Moldakarimov, deputy head of the Region’s Department of Entrepreneurship and Industry, said the extractive sector remains a cornerstone of the regional economy, employing more than 40,000 people across 109 enterprises. The sector produced goods worth 81.1 billion tenge in January alone — up 2% on the same period last year — with total output forecast to reach 850 billion tenge for the year.

    The region’s resource base spans coal, copper, iron, manganese, lead and zinc, and the mining and metallurgical complex accounts for approximately 70% of all industrial output in the area. Sixteen mining projects have been included in Kazakhstan’s national investment pipeline, with the potential to create nearly 2,000 new jobs. Two additional copper extraction and processing projects are also expected to launch this year.

    Several major enterprises are already active in the region, including Qarmet, Kazakhmys, Altynalmas, Asia FerroAlloys, Shubarkol Komir and Nova Zinc. Companies are increasingly turning to digital solutions to improve both efficiency and workplace safety. Qarmet has deployed an electronic system that automates occupational health and safety processes and monitors worker welfare in real time. Altynalmas, meanwhile, has introduced a fleet management system to oversee mining transport operations, alongside a seismograph — the Zetl 7156 — to monitor blasting activity, and an automated pre-shift medical screening system called ESMA that checks workers’ physical condition before they begin work.

    On the investment front, a new open-pit coal mine operated by Saryozen Komir has been launched in the Nurinsky District, with planned annual output of around 300,000 tonnes. Eurasian Land has also commissioned a manganese ore extraction project with capacity of approximately 80,000 tonnes per year. Later in 2025, a copper extraction and processing operation at the Tesiktassk deposit in the Aktogai District is expected to come online.

    Despite the optimism, Moldakarimov acknowledged that the sector faces significant structural challenges. Global commodity price instability and intensifying international competition are pressing concerns, as is the need for energy-efficient and environmentally sustainable technology upgrades. Most acutely, the industry is confronting a critical shortage of qualified personnel and young specialists — a problem companies are attempting to address through closer partnerships with educational institutions and dedicated training programmes.

  • France Eyes Australian Critical Minerals as US Framework Deal Spurs Global Rush for Supply Access

    France Eyes Australian Critical Minerals as US Framework Deal Spurs Global Rush for Supply Access

    France is emerging as a prospective investor in Australian critical minerals projects, Australia’s resources minister has said, as the country’s landmark framework agreement with the United States last October continues to galvanise interest from advanced manufacturing nations seeking to lock in supply chains independent of China.

    Speaking to Reuters during the Minerals Week summit in Canberra on Thursday, Australian Resources Minister Madeleine King said that since the US deal — which anchored an $8.5 billion pipeline of investments — other partners had accelerated their engagement with urgency. “France is more and more keen,” King said, noting that Paris has engaged at a policy and financing framework level, including through export credit agency Bpifrance Assurance Export, though it has yet to announce large-scale project funding of the kind committed by the United States and Japan.

    The remarks come days after Australia and the European Union signed a free trade agreement on Tuesday, which is expected to ease EU access to Australian critical minerals but stopped short of the detailed investment project commitments that accompanied the US deal. Australia has now inked sector cooperation agreements with Japan, South Korea, India, France, Germany and Britain, and this month joined the G7 Critical Minerals Production Alliance.

    Australia is seeking billions of dollars in additional investment across 49 mining projects and 29 midstream processing projects, with the sector forecast to generate A$18 billion ($12.52 billion) in export earnings in the financial year beginning July 1. The government has already committed A$28 billion in financial support for the sector since coming to power in May 2022.

    King cautioned that building a competitive critical minerals industry would require sustained, long-term commitment — potentially spanning decades. “If you want to compare timelines, it took China 40 years,” she said, adding that the government would need to think of its support “as a long-term proposition.” She drew a parallel with Australia’s own history of backing its iron ore and liquefied natural gas sectors, suggesting critical minerals may prove an even more complex undertaking.

    Central to Australia’s near-term strategy is an A$1.2 billion strategic reserve focused on antimony, gallium and rare earths, expected to become operational in the second half of this year. The reserve will incorporate a floor price mechanism to provide market stability, while agreements will be structured to ensure the government can capture upside if prices rise — and exit that arrangement when appropriate.

    King also confirmed that Australia sees its reserve as a potential feeder into the United States’ own $12 billion minerals stockpile, known as Project Vault, though she noted that the details of that arrangement remain under discussion.

    On the broader challenge of attracting investment partners less experienced in mining finance, King was direct: “Many other countries just aren’t used to getting involved in mining and mining-style financing, but they’re going to have to, if they want to have that secure supply.”

  • The First Mining-Site Digital Product Passport in Turkey

    The First Mining-Site Digital Product Passport in Turkey

    Minespider, a leading traceability and Digital Product Passport (DPP) platform, and TETHYS Trans-Eurasian Gateway, a company specializing in bridging European technologies to mining projects in Turkey and Central Asia, announce the first Digital Product Passport (DPP) implemented at the Çataltepe Mining Project, marking a significant milestone in the digital transformation of the critical minerals sector.

    This is one of the first implementations of the Digital Product Passport in mining sites in Central Asia and Turkiye, which now positions Çataltepe as a pioneering project in the region’s transition toward transparent and traceable critical minerals supply chains.

    Following a collaboration that began in May 2025, the two companies launched a Digital Product Passport (DPP) pilot at the Çataltepe Polymetallic mine located in the Dardanelles (Çanakkale) in Turkey. The traceability project, including capturing and linking data of origin, processing, and ESG indicators, is planned to be introduced across the entire supply chain – from the Çataltepe Mine based in Lapseki, Çanakkale to the Yenice Flotation Plant, and finally to export.

    A New Standard for Critical Minerals Transparency

    The Digital Product Passport is a dynamic digital record that captures verified data across the full lifecycle of a product—from raw material extraction to end-of-life. The system will provide a transparent chain of custody for each shipment of lead concentrate, zinc concentrate and copper concentrate from the Çataltepe polymetallic mine, with the expected volumes of ~15,000 tonnes of ore processed monthly, yielding 1,000–1,200 tonnes of concentrate output. The introduction of Digital Product Passports will consolidate reporting, improve efficiency, and enhance trust with downstream customers and will help to ensure compliance with international regulations such as the EU Carbon Border Adjustment Mechanism (CBAM) and the Critical Raw Materials Act (CRMA).

    Driving Accountability Across the Critical Minerals Value Chain

    Digital Product Passports are rapidly becoming a cornerstone of the global transition toward sustainable and accountable supply chains. They enable the collection and sharing of product data across the entire value chain, closing information gaps and enhancing decision-making.

    Leyla Keser, Chairperson of TETHYS, stated:

    “At TETHYS, we define accountability not as an abstract principle, but as a measurable and traceable reality across the entire value chain. With the Çataltepe Digital Product Passport, we are embedding transparency at the very origin of critical minerals—where trust must begin. This is not only a technological milestone, but a strategic step toward aligning our region with global standards, strengthening responsible sourcing, and positioning Greater Central Asia, Türkiye, and the Balkans as reliable and future-ready partners in the global critical minerals supply chain.”

    Nathan Williams, Founder & CEO of Minespider, said:

    “We are entering a new phase where mineral supply chains must be not only efficient, but also transparent and verifiable by design. Each shipment can be traced back to its origin, with verified data on production and ESG parameters. This is a critical step toward enabling trusted, data-driven mineral supply chains that meet emerging regulatory requirements and industry expectations. We are proud that the Çataltepe project creates a new benchmark for sustainable mining projects in the region.”

    About Tethys

    Tethys operates across Greater Central Asia, Türkiye, and the Balkans, focusing on critical minerals, infrastructure, and sustainable value chains. Through its integrated approach, Tethys combines investment, technology, and ESG principles to deliver accountable, scalable, and future-oriented projects across strategic regions.

    https://www.tethysgateway.com/

    About Minespider

    Minespider is a leading European mineral traceability platform, trusted by global companies including Microvast, Renault, Minsur, TEMSA, PTL, Ford Otosan, and Tata Elxsi. Its blockchain-based system provides secure, transparent data sharing across supply chains in Digital Product Passports (DPPs) and Digital Battery Passports (DBPs) to support compliance and sustainability from mine to manufacturer.

    For more information about Minespider, please email marketing@minespider.com or visit our website at www.minespider.com.

  • Turkey Eyes $135 Billion Gold Reserves as Lira Comes Under Pressure From Iran War Fallout

    Turkey Eyes $135 Billion Gold Reserves as Lira Comes Under Pressure From Iran War Fallout

    Turkey’s central bank is weighing emergency measures to defend the lira against mounting volatility triggered by the war with Iran, including tapping into its vast gold reserves through swap transactions in the London market, according to people familiar with the deliberations.

    The bank has held internal discussions about conducting gold-for-foreign currency swaps, a move that would allow it to mobilise hard currency without directly selling its gold holdings. Turkey is estimated to hold around $30 billion of its reserves at the Bank of England — assets that a JPMorgan economist said the central bank “may decide to use for FX intervention purposes without logistical constraints.” The central bank declined to comment. Gold prices slipped 0.7% following reports of the potential step.

    Turkey’s total gold reserves stood at approximately $135 billion as of early March, the product of an aggressive decade-long accumulation strategy driven by a policy of reducing exposure to US dollar-denominated assets. The scale of those holdings now makes gold a natural first line of defence as pressure on the lira intensifies.

    The country is acutely exposed to the Iran conflict’s economic aftershocks. As a near-total importer of oil and gas, Turkey faces severe inflation and balance-of-payments risks the longer the war continues — factors already straining a disinflation strategy built around preventing the lira from depreciating faster than monthly inflation. Oil prices have surged from around $70 to above $100 a barrel since hostilities began, compounding the challenge for policymakers who are already contending with an inflation rate of 31.5% — one of the highest in the world.

    The central bank’s crisis response so far has included tightening liquidity conditions, raising the cost of lira funding, and directing state-run lenders to intervene directly in currency markets. It has also been offloading foreign-currency bond holdings, including an estimated $16 billion in US Treasury sales in recent weeks, reducing Turkey’s Treasury holdings to below $17 billion — down sharply from a peak of $82 billion in 2015. Foreign investors, meanwhile, have been exiting Turkish government bonds at the fastest pace on record, according to central bank data covering the week through 13 March.

    Street-level signs of stress are also emerging. Traders at Istanbul’s Grand Bazaar were this week selling dollars at a premium to the interbank rate, a visible indicator of rising local demand for hard currency.

    Interest-rate expectations have shifted significantly. Traders are now pricing in a 100 basis point rate increase at next month’s meeting. Turkey’s benchmark rate currently stands at 37%, though the central bank suspended lending from that rate at the start of March in favour of a costlier 40% funding window. The lira was trading at 44.35 per dollar on Tuesday afternoon in Istanbul, continuing a steady decline that has averaged approximately 0.05% per day this year.

  • Australia and EU Seal Free Trade Deal After Eight Years, With Critical Minerals and Agricultural Quotas at Its Heart

    Australia and EU Seal Free Trade Deal After Eight Years, With Critical Minerals and Agricultural Quotas at Its Heart

    Australia and the European Union have signed a landmark free trade agreement, ending eight years of on-and-off negotiations in a deal shaped as much by geopolitical urgency as by economics — with China’s dominance of critical mineral supply chains and the shadow of US tariffs under the Trump administration providing the final impetus to close talks.

    The agreement, signed on Tuesday, will eliminate more than 99% of tariffs on EU goods exports to Australia, saving European companies an estimated €1 billion ($1.2 billion) annually, while Australian Prime Minister Anthony Albanese said the deal would add approximately A$10 billion ($7 billion) per year to the Australian economy. EU exports to Australia are projected to grow by up to 33% over the next decade.

    At the strategic core of the agreement is a critical minerals partnership. The scrapping of almost all import tariffs on Australian critical minerals entering the EU was hailed by both sides as a vital step toward diversifying Western supply chains away from China, which currently dominates global rare earth production and processing. European Commission President Ursula von der Leyen, addressing Australia’s parliament, said the two parties “cannot be over-dependent on any supplier for such crucial ingredients,” framing the partnership as a strategic imperative for both Europe and Australia.

    The two sides also signed a separate agreement deepening security and defence cooperation, underscoring the deal’s broader geopolitical character. The accord adds to Europe’s expanding footprint in the Indo-Pacific, following trade agreements concluded with Indonesia in September and India in January.

    Agriculture, however, proved the deal’s most contentious terrain. While Australian tariffs on European wine, sparkling wine, fruit, vegetables, chocolates and — over three years — cheeses will fall to zero from day one, the EU has maintained quotas on key Australian agricultural exports. For beef, a sticking point significant enough to derail talks in 2023, the EU has agreed to open two tariff-rate quotas totalling 30,600 metric tons, with around 55% of that volume entering duty-free. Sheep meat will also face restrictions.

    The outcome satisfied neither side of the farming divide. Australian agricultural groups, led by National Farmers Federation president Hamish McIntyre, said they were “extremely disappointed” that the deal had concluded without commercially meaningful market access gains. Meanwhile, French farmers — already mobilised against beef import provisions in the EU-Mercosur agreement — argued that even the agreed quotas were too generous, with France’s National Bovine Federation accusing Von der Leyen of continuing to undermine the domestic beef industry.

    On other terms, Australia agreed to raise its luxury car tax threshold for EU-made electric vehicles to A$120,000 ($83,600), effectively exempting around 75% of European EVs from the tax. Some EU geographical indication names, including Pecorino Romano and Ouzo, will receive full protection after a short transition period, though producers of goods such as feta may continue using the name provided the product’s origin is clearly labelled.

    EU industry groups including BusinessEurope, SpiritsEurope and the European Services Forum welcomed the agreement. EU firms exported €37 billion of goods to Australia in 2025 and €28 billion in services in 2023. The EU is Australia’s third-largest two-way trading partner and its second-largest source of foreign investment.

  • Central Asia Sits on a Critical Minerals Goldmine — But Governance Gaps Are Holding It Back, OECD Warns

    Central Asia Sits on a Critical Minerals Goldmine — But Governance Gaps Are Holding It Back, OECD Warns

    Kazakhstan, the Kyrgyz Republic and Uzbekistan together hold some of the world’s most significant reserves of critical raw materials, yet systemic governance failures, outdated infrastructure and weak regulatory frameworks are preventing the region from capitalising on a once-in-a-generation opportunity, according to a new report from the OECD.

    Published in March 2026 and funded by the UK Foreign, Commonwealth and Development Office, the report — Advancing Security and Transparency for the Governance of Critical Raw Materials in Central Asia — warns that despite the region’s enormous mineral wealth, investment remains constrained by unreliable geological data, dominant state-owned enterprises and a history of disputes with foreign investors.

    Central Asia holds 39% of global manganese ore reserves, 31% of chromium, 20% of lead, 13% of zinc, and significant shares of titanium, aluminium, copper, cobalt and molybdenum. Kazakhstan alone — already the world’s largest uranium producer, accounting for 40% of global output — can export 21 of the 34 critical raw materials on the EU’s official list. The Kyrgyz Republic holds the world’s third-largest antimony reserves, a resource now in sharp focus following China’s export ban on the mineral. Uzbekistan, meanwhile, ranks eleventh globally for copper reserves and has begun developing lithium and molybdenum production.

    On responsible business conduct, the OECD found that awareness of international standards is growing across all three countries, but that implementation remains patchy. Mining sectors in each nation are dominated by a small number of state-owned enterprises, some of which play quasi-regulatory roles — creating conflicts of interest where ministry officials simultaneously hold positions in the companies they are supposed to oversee. Corruption in public procurement and a lack of transparency continue to erode trust between governments, investors and local communities. The report notes that affected populations are frequently excluded from consultations about the risks and impacts of mining operations, with no clear guidelines on compensation or resettlement.

    Environmental risk management presents a further challenge. While all three countries have adopted economy-wide strategies to cut greenhouse gas emissions, the OECD found these lack sector-specific mining targets. Water pollution, land degradation and hazardous waste — including the management of legacy Soviet-era tailings storage facilities with radioactive contamination risks — remain inadequately addressed in national frameworks.

    On taxation, the report identifies serious vulnerabilities to Base Erosion and Profit Shifting practices, including the under-pricing of mineral exports between related parties, uncommercial intra-group financing arrangements and offshore indirect transfers of mining licences that allow capital gains to escape domestic taxation altogether. While all three governments are gradually aligning their tax frameworks with international standards, legislative loopholes continue to allow legal profit-shifting that undermines public revenues.

    The OECD calls on governments across the region to modernise reserves reporting systems, strengthen the separation between state ownership and regulatory functions, introduce mining-specific environmental targets, and close tax loopholes through closer alignment with BEPS standards. With global demand for critical minerals forecast to rise sharply in the coming years, the report frames these reforms not merely as governance improvements, but as the essential foundation for attracting the foreign investment needed to unlock the region’s full economic potential.

  • US Plans $250M Contribution to $1 Trillion Supply Chain Investment Consortium

    US Plans $250M Contribution to $1 Trillion Supply Chain Investment Consortium

    The United States government is set to contribute $250 million to a major international investment consortium aimed at securing global supply chains for energy and critical minerals, a senior Trump administration official announced Monday.

    Under Secretary of State for Economic Affairs Jacob Helberg confirmed that Washington will lead the consortium, which is expected to bring together up to $1 trillion in assets under management drawn from sovereign wealth funds and institutional investors. The fund will count Japanese tech conglomerate SoftBank Group, Singapore’s state-owned Temasek Holdings, and Abu Dhabi’s Mubadala Investment Company among its founding participants.

    Helberg outlined the consortium’s top priorities as investments focused on preserving access to energy and rare earth minerals for the United States and its allies — with a particular emphasis on what he described as “mineral security, logistics, and likely energy security infrastructure.” Officials will convene to review a list of candidate projects before making joint investment decisions.

    Congress is expected to be formally notified of the $250 million US commitment in the near term. Representatives for SoftBank, Temasek, and Mubadala had not responded to requests for comment at time of publication.

    The fund forms a central pillar of a broader US-led supply-chain alliance known as Pax Silica, which has expanded its remit to include energy infrastructure following the blockade of the Strait of Hormuz. Helberg cited the ripple effects on global energy markets since the outbreak of conflict with Iran as a key driver, stressing the need to eliminate “single-points of failure” in critical supply networks. Deputy Energy Secretary James Danly is set to lead the consortium’s energy-focused efforts.

    The initiative comes amid heightened concern over the vulnerability of global supply chains exposed by nearly a month of conflict, during which energy infrastructure and key shipping lanes in the Gulf region have been repeatedly targeted, disrupting flows of oil, natural gas, and industrial inputs worldwide. Pax Silica currently counts Japan, India, South Korea, the United Kingdom, the United Arab Emirates, Qatar, and Singapore among its member states.