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The Trump administration has announced a $12bn initiative, known as Project Vault, to build a strategic stockpile of critical minerals and reduce US reliance on Chinese supply chains.

Backed by $1.67bn in private investment and a $10bn loan from the Export-Import Bank, the programme targets materials essential to advanced manufacturing, including cobalt, copper, graphite and nickel. The stockpile is designed to shield key industries, such as automotive, aerospace and technology, from price shocks, supply disruptions and geopolitical risk, while reinforcing the domestic industrial base.

Participating companies include Boeing, Corning, General Motors, GE Vernova, Google and Stellantis. Trading firms including Hartree Partners, Traxys and Mercuria will handle procurement.

While the US maintains a defence-focused reserve, Project Vault extends the concept to civilian industry. The move sits alongside broader efforts to boost domestic mining and processing, as well as deepens supply partnerships with allies such as Australia, Japan and Malaysia. 

BHP has agreed a $4.3bn silver streaming deal with Wheaton Precious Metals tied to its share of production from the Antamina mine in Peru. The upfront payment enables BHP to monetise silver output while retaining exposure to copper, zinc and lead.

Under the agreement, BHP will deliver 33.75% of attributable silver production, at a 90% payable rate, until 100 million ounces are supplied, after which the share falls to 22.5% for the remaining life of mine. Wheaton will pay 20% of the prevailing spot silver price per ounce.

The deal is expected to complete in April 2026 and does not require regulatory approval. BHP said proceeds will be redirected towards higher-return projects and shareholder returns, with no impact on reported debt.

The agreement comes amid stronger half-year results, supported by higher copper and iron ore prices and improved earnings performance. 

Zijin Mining is set to begin lithium production in June at the Manono deposit in the Democratic Republic of Congo, marking the country’s first output of the battery metal. Exports are expected to follow immediately, underscoring China’s push to secure critical mineral supply through African assets.

The project is operated by Manono Lithium, a joint venture between Zijin, which holds a 61% stake, and state miner Cominiere. Under the agreement, Zijin will market all initial production, including Cominiere’s share.

Development of the site remains contentious following the revocation of Australian firm AVZ Minerals’ permit, which led to the asset’s reassignment. The dispute is now subject to arbitration, with safety concerns also raised over recent site activity.

The launch comes amid volatile lithium markets, where prices have fallen due to oversupply and stockpiling in China. Even so, the project signals continued strategic investment in securing long-term access to battery materials. 

The UK and US have signed a memorandum of understanding to strengthen cooperation on critical mineral supply chains, as both governments seek to reduce exposure to concentrated sources and support domestic capacity. The agreement was formalised in Washington, DC by UK minister Seema Malhotra and US Under Secretary Jacob Helberg.

The deal aims to unlock investment into UK mining and processing projects, backed by up to £50m in funding. The partnership aligns with the UK’s Critical Minerals Strategy, which targets limiting reliance on any single country to 60% by 2035. It focuses on sectors including automotive, defence and clean energy, while encouraging private capital into extraction and refining.

Both countries will coordinate policy tools, streamline permitting and address pricing distortions to support more resilient supply chains. The MoU builds on existing UK agreements with Australia and Canada, reinforcing a broader push to diversify global mineral supply.

Sandfire Resources has agreed a deal with Havilah Resources to progress the Kalkaroo copper-gold project in South Australia, securing the right to earn an 80% stake following shareholder approval.

Located in the Curnamona Province, Kalkaroo is one of Australia’s largest undeveloped open-pit copper deposits by copper equivalent reserves. The project hosts significant resources, including 1.1 million tonnes of copper, 3.1 million ounces of gold and 23,200 tonnes of cobalt.

The transaction includes an upfront payment of approximately A$117.6m, combining cash and shares. Sandfire’s pathway to majority ownership is contingent on completing a new pre-feasibility study or exercising the option within 24 months.

Planned work includes at least 20,000 metres of drilling to upgrade and expand resources. The agreement also establishes a broader exploration partnership between the two companies, targeting further discoveries across the region.