Shovel-Ready? Changing US policy opens the door for critical mineral miners

In nine months, the Trump administration's policy of energy dominance has reshaped the competitive landscape for the mining & metals sector in the US and beyond.

American policy has pivoted from a focus on tax credits for critical minerals projects and preferences built around free trade agreements to expanding domestic mined and refined supply. US government-backed financing aligned to geopolitical priorities is being used to secure supply in the US and abroad.

While projects can take years, even decades, to move from exploration to production, the administration's supportive approach – underpinned by the Unleashing American Energy executive order and the One Big Beautiful Bill Act (OBBBA) – shows promise in moving capital toward miners and processors.

But partial shutdowns during the US budget impasse are pushing out the window in which projects can secure permissions and financing. Even if the shutdown is short-lived, mining projects need to plan for a window that may shut within 12 to 24 months, after which renewed political uncertainty could stymie progress. If a project is not shovel-ready, miners and processors must get it ready as fast as possible before this window closes. The administration's approach can be divided into three buckets: administrative interventions such as deregulation, accelerated permitting processes and the National Energy Dominance Council; the use of existing funding authorities and offtake powers delegated to federal bodies; and the application of tariffs and investment agreements linked to geopolitical and diplomatic initiatives, namely with Ukraine, the DRC and Rwanda, to secure allied supply chains.

Together, the policy mix creates a more supportive environment for investment into the mining and metals value chain in the US or with US allies elsewhere.

Seeking to onshore the extraction and processing of critical minerals vital to national security, manufacturing, and technology, the administration has launched a reform effort to accelerate permitting. The National Energy Dominance Council, chaired by the Secretary of the Interior, is tasked with improving permitting and accelerating projects deemed vital for national security. Acting on its mandate, the Council and the White House rescinded regulatory burdens imposed by the National Environmental Protection Act (NEPA) on 30 June 2025.

Alongside fast-tracking permissions, policymakers are expanding support for strategically important projects. The Department of Energy's Loan Programs Office is expanding its remit to include traditional fossil fuel infrastructure, while Make More in America (MMIA) supports a broad range of US manufacturing and production projects that strengthen competitiveness.

By considering equity stakes and supporting profitability through price interventions, the administration is prioritising onshoring production of key inputs. Taking equity positions in exchange for financial support has become a vote of confidence for investors and an implicit promise of support when market conditions deteriorate.

Trade policy has become an instrument of industrial policy. On 1 August 2025, 50% tariffs were levied on imports of semi-refined copper products to foster domestic smelting and refining. A similar investigation is ongoing for processed critical minerals, including rare earths and uranium, with a report and policy recommendations scheduled for delivery to the President in October.

Miners and investors attempting to capitalise on these shifts in policy face demand uncertainty and cost pressures from tariffs, labour shortages, and electricity.

These challenges will not stop investment. The current policy environment is creating a market landscape with two tiers – miners chiefly serving private sector demand and relying on expedited permitting alone face greater risks than those receiving government-backed financing. Both groups enjoy an accommodative policy environment, but the latter enjoy financial backing that may be unavailable in commercial markets.

Ultimately, the race to build US critical mineral resilience is accelerating and for miners ready to move, the window is open – for now.

Read the article online at: https://www.globalminingreview.com/mining/16102025/shovel-ready-changing-us-policy-opens-the-door-for-critical-mineral-miners/