Highlights

• Trump administration unveils FORGE (Forum on Resource Geostrategic Engagement) framework at Critical Minerals Ministerial, proposing reference prices and preferential trade zone to prevent market whiplash that kills long-cycle mining projects.
• 55 countries representing two-thirds of global GDP attended, with Japan emphasizing need for multinational coordination across mining, refining, and processing to reduce China's supply chain dominance.
• Initiative pairs with Project Vault's $12 billion strategic stockpile and targets identifying priority projects within six months.
• Blending diplomacy, trade alignment, and development finance to build allied minerals resilience.

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The Trump administration used today’s inaugural Critical Minerals Ministerial at the U.S. Department of State to push the conversation markets have been demanding: less diagnosis, more design—a pro-allies, pro-investment effort aimed at reducing single-point dependencies across mining, processing, and downstream manufacturing.

Marco Rubio, U.S. Secretary of State

In opening remarks, Secretary of State Marco Rubio cast critical minerals as a pillar of both economic security and national security, underscoring that concentrated supply has become a geopolitical lever. Vice President JD Vance sharpened the message: in a world of AI, electrification, and defense modernization, economies still run on “real things,” and critical minerals are now as foundational as energy.

A “FORGE” Moment: From Shared Concern to Shared Market Design

The headline proposal—covered by Reuters and E&E News/Politico as well as Rare Earth Exchanges™ earlier—is a U.S.-led framework dubbed FORGE (Forum on Resource Geostrategic Engagement) paired with a preferential trade zone concept for critical minerals. The mechanism at the center of the plan: reference prices at each stage of production that would function as a price floor, maintained through adjustable tariffs to uphold “pricing integrity” inside the zone.

The intent is straightforward: reduce the market whiplash that repeatedly kills long-cycle projects right at the financing gate—when a sudden supply surge collapses prices, capital evaporates, and projects “die on the vine.” As reported, the administration is also seeking a nonbinding agreement that calls on signatories to identify and support priority projects within six months.

Investor lens: this is a policy attempting to underwrite predictability, not by replacing markets, but by making it harder for strategic oversupply to detonate Western investment cycles. It’s a meaningful evolution from broad partnership language toward explicit market structure—and that shift matters.

Allies Signal Alignment—Japan Sets the Tone

The room itself was a signal: With 55 countries attending, participants represented close to two-thirds of global GDP. Japan’s State Minister for Foreign Affairs Horii Iwao reinforced the cooperative posture, stressing that no single country can solve concentration risk alone—and highlighting the need to diversify not only mining, but also refining and processing, where bottlenecks are most acute.  Rare Earth Exchanges has been reporting since our launch in 2024 the need for multinational orchestration and alignment.

The administration’s senior supply-chain messaging kept returning to a single thesis: demand growth is structural, not cyclical—an AI-era expansion pulling everything from copper and cobalt to rare earths deeper into national strategy. The pie is expanding; coordination determines who captures value across the stack.

Project Vault and the “Finance + Diplomacy” Flywheel

Today’s Ministerial also landed in the slipstream of Project Vault, the administration’s newly announced $12 billion strategic stockpile initiative—reported as backed by $10 billion from the U.S. Export-Import Bank and $2 billion in private funding. The broader push now blends diplomacy, trade alignment, development finance, and stockpiling—an unusually muscular toolkit in modern U.S. industrial policy, calibrated to an unusually concentrated dependency problem.

Big Ambition, Real Execution Questions

Coverage was broadly positive on intent—and candid about the hard parts. From E&E News/Politico to Reuters’ reporting, the administration’s call for more than 50 countries to engage, while noting pockets of ally skepticism and the challenge of translating a trade-zone concept into durable rules. Media are emphasizing both the scale of the ambition and the market sensitivity: shares of several mineral-linked companies fell on the news, a reminder that even pro-investment policy signals can introduce near-term uncertainty when pricing mechanics are in play.

Industry Applause: ReElement Technologies Backs the Direction

In a statement provided to Rare Earth Exchanges, ReElement Technologies (opens in a new tab) applauded the Trump administration and Secretary Rubio for convening the Ministerial and endorsed the State Department’s view that strengthening supply chains with international partners is vital for U.S. economic security, technological leadership, and resilience.

ReElement represents a vital midstream refiner and recycler bridging feedstocks and high-purity end users across defense, magnets, batteries, and energy technologies—emphasizing a multi-sourced strategy spanning virgin ore and recycled content, and citing expanding domestic production plans.

Other key midstream players include Energy Fuels (opens in a new tab) and MP Materials’ (opens in a new tab) effort to ramp up and scale the entire supply chain. USA Rare Earth (opens in a new tab) just secured an unprecedented financing package. Disruptive players such as Ionic Minerals Technologies, (opens in a new tab) based in Rare Earth Exchanges’ home state of Utah, are also rampingup critical mineral refining capacity.

 REEx notes these are company statements and forward-looking claims, but they align with what policymakers are trying to catalyze: scalable, qualification-grade capacity in the “missing middle” between mines and manufacturing. 

So ReElement’s mission to become a mid-market and defense refinery, along with MP and the others, represent a major national security interest. Failure is not an option.

REEx Takeaway

Todayfelt less like a panel and more like a platform launch: a bid to align allies around rules, financing pathways, and price stability so projects can actually clear investment committees—and survive the inevitable cycles.

Rare Earth Exchanges remains objective and cautiously optimistic.

At the end of the day implementation details will decide outcomes: definitions, enforcement, membership terms, and how “reference pricing” interacts with trade law and domestic politics. But as a strategic signal, today was unmistakable: the administration is aiming to build an allied minerals system designed to reward production, resilience, and long-term investment—not fragility.

Rare Earth Exchanges reminds all that China only gave the USA a one-year reprieve with access to key critical rare earth elements. And time is ticking. So the move by the Trump administration is overall an important one.