US in Talks with Orion Resource Partners to Launch $5 Billion Critical Minerals Fund
The United States is in talks to establish a $5 billion mining investment fund, marking its most significant step yet to strengthen global supplies of critical minerals.
The fund would be created as a joint venture between the US International Development Finance Corp (DFC) and New York–based Orion Resource Partners, according to people familiar with the matter. Discussions remain ongoing, and a final agreement has not yet been reached.
If finalized, the initiative would give Washington a direct role in large-scale mining deals, complementing its broader strategy to secure supplies of key resources such as copper, cobalt, and rare earths. These minerals are vital for electric vehicles, renewable energy, and defense technologies.
The plan reflects growing concerns about China’s dominance in mineral processing and its aggressive acquisition of overseas mining assets. In the longer term, shortages are expected due to declining ore grades, underinvestment, and lengthy permitting processes.
The DFC, created during Donald Trump’s first term, has already backed several mining projects through loans, equity, and grants. These include a $150 million loan to Syrah Resources in Mozambique, which supplies graphite to Tesla, and more than $550 million to upgrade Angola’s Lobito Corridor railway, a key export route for central Africa’s copper and cobalt.
If the Orion partnership moves forward, the DFC could commit up to $2.5 billion, making it the largest deal in its history. Orion would match the contribution, bringing the combined total to $5 billion. The structure would be similar to Orion’s $1.2 billion venture with Abu Dhabi’s ADQ earlier this year.
With $8 billion in assets under management, Orion is one of the mining industry’s leading financiers, spanning private equity, credit, venture capital, and commodity trading.
CEO Oskar Lewnowski has argued that governments should play a more active role in critical minerals, including building strategic stockpiles to guard against supply shocks.
Orion is also pursuing deals in Africa, including a bid for Chemaf Resources, a copper-cobalt producer in the Democratic Republic of Congo. The move comes after a planned sale of Chemaf to a Chinese state-owned firm collapsed due to lack of government approval and concerns raised by US officials.
The Trump administration has prioritized securing critical minerals, with recent Pentagon moves including its first cobalt stockpiling tender since the Cold War and a $400 million investment in MP Materials, a major US rare-earths producer.
The DFC is expected to play an even bigger role in Trump’s second term, with efforts underway to double or triple its investment capacity and expand its mandate to include riskier projects in both emerging and wealthier markets.
Trump has nominated Ben Black, son of Apollo Global Management co-founder Leon Black, to lead the DFC. During his Senate confirmation hearing, Black emphasized that the agency “should never be crowding out private capital” and should work more closely with New York’s financial sector. His appointment is still awaiting Senate approval.
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