Under the draft, six minerals-copper and potassium, lead, rhenium, silicon and silver-are added as key minerals, while arsenic and tellurium are removed from the list. In addition, the U. S. Geological Survey also said it would consider whether to include metallurgical coal and nuclear power plant fuel uranium as key minerals. The draft list is now in its 30-day public comment period, after which the final list will be United States Department of the Interior.
Minerals on the United States critical minerals list would receive financial support from the United States government and approval for exploration, mining and refining projects would be facilitated. The release of the latest draft of the US key minerals list is the most important revision since the list was launched in 2018, according to mining news. Under the 2020 U. S. Energy Act, the list of key minerals is updated every three years, the last update in 2022. In the run-up to the new draft, the US has carried out a comprehensive assessment of supply risks involving 84 mineral commodities, 402 industries and more than 1,200 scenarios.
The acting director of the US Geological Survey, Sarah Lake, bluntly stated that the mining-related industry contributed more than 4 trillion US dollars to the US economy last year, new risk assessment methods help authorities pinpoint which industries are most vulnerable to supply chain disruptions. The bureau disclosed that copper and silicon were included in the list because of the risk of disruption in the supply chain of refined products, with serious economic consequences. Potash is included because of the risk of trade barriers on major suppliers, particularly in Canada, while silver is included to protect against low-probability but high-impact supply disruptions in Mexico.
The US accounts for 5 per cent of global copper reserves, but statistics show us production has fallen 20 per cent in the past decade. Copper production in the 2023 fell 11 per cent and 2024 fell a further 3 per cent. The United States Geological Survey 2024 estimates that about 45 per cent of us copper consumption is imported each year. Chile, Canada, Peru and Mexico are the main sources of copper imports to the United States. ING linked the decline in us copper production to the country’s long and complicated application process. Building a new mine in the United States takes an average of 29 years from exploration to production, and it takes seven to 10 years just to apply for permits and wait for them to be issued.
Copper’s electrical conductivity makes it a key material in the global electrification process. Juan Ignacio Diaz, president of the International Copper Association, said: “Copper fits the definition of a key mineral: it underpins electrification, defence and clean energy development, and its supply chain is under increasing pressure.”
To boost domestic production, the US currently imposes a 50 per cent tariff on copper-containing products but exempts unrefined copper. Experts believe that the United States in copper production and steel and aluminum also face the same challenges. “The U.S. doesn’t have all the Chartered Financial Analyst capacity to produce the copper we need,” Lauren Seidel, an economist at ITR Economics, told Canadian Investment News Network Inn in an email. Despite the investment in new mining capacity, these facilities will take years to come into operation, meaning US companies will remain dependent on copper imports at least in the short term. “Tariffs will raise the cost of copper and related products for us importers and consumers, and put downward pressure on potential economic growth.”