Trump announces U.S. stake in Trilogy Metals, Alaska mining road permits
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President Trump at the White House on Monday. Photo: Anna Moneymaker/Getty Images
President Trump announced the U.S. will take a 10% stake in Canadian minerals explorer Trilogy Metals and ordered the approval of a permit for a mining road in northwest Alaska.
Why it matters: Interior Secretary Doug Burgum told reporters the moves will unlock "all of the minerals that we need to win the AI arms race against China," which dominates in the processing of metals.
The big picture: Trump approved the permit in Alaska's wilderness during his first term for the 211-mile road that would provide access to the Ambler Mining District, where minerals including copper, cobalt and gold are found.
- Former President Biden subsequently blocked the federal rights-of-way due to concerns about impacts on Alaska Native tribes' livelihood and wildlife in the remote region.
- The White House said in a post that Biden had "ignored Alaska's economic needs and national security imperatives" in his decision and called the road "vitally important to America's national defense and economic prosperity."
By the numbers: The partnership with Trilogy Metals will see the U.S. invest $35.6 million to support mining exploration in the Ambler Mining District, according to the White House.
- The investment in the company includes warrants to purchase an additional 7.5% of the company.
What they're saying: "This is something that should have been long operating and making billions of dollars for our country and supplying a lot of energy and minerals and everything else that we are talking about," Trump said at the White House on Monday.
- Tony Giardini, president and CEO of Trilogy Metals, said in a statement the "proposed partnership with the U.S. Government represents a significant milestone" for the firm "and for the development of a secure, domestic supply of critical minerals for America in Alaska."
- He said the investment that would come from the newly branded Department of War "underscores the strategic importance of the Upper Kobuk Mineral Projects in supporting U.S. energy, technology, and national security priorities."
Thought bubble, via Axios' Ben Geman: Trilogy Metals is the latest example of the Trump administration taking stakes in companies on behalf of the U.S., following rare-earth magnet supplier Mountain Pass Materials, the mining firm Lithium Americas and the chipmaker Intel.
Editor's note: This article has been updated with more context.
