Latest U.S. effort to bolster supply chains and secure key resources for its industry.
The United States is preparing a $100 billion push to strengthen global energy and critical minerals supply chains, led by a major expansion of financing from the U.S. Export-Import Bank (EXIM). John Jovanovic, EXIM’s new chair, said in an interview with the Financial Times (Paywall) on Sunday that the agency is preparing to deploy the funds to support U.S. energy exports and secure access to minerals essential for industry and national security. Early deals include LNG supply arrangements, a $1.25 billion loan for Pakistan’s Reko Diq copper and gold mine, and support for an LNG project in Mozambique. Jovanovic said more multibillion-dollar transactions, including large critical minerals projects, are in the pipeline across Europe, Africa, and Asia as the bank seeks to counter Western dependence on China and Russia.
The effort marks a sharp pivot toward energy security and resource diversification, with EXIM positioning itself as a central tool for reshoring supply chains that Jovanovic described as “no longer fair” and increasingly vulnerable.
The EXIM initiative comes alongside a string of new federal actions aimed at boosting domestic production of critical minerals. The Department of Energy last week announced $355 million to expand U.S. critical-mineral extraction, including pilot facilities using coal waste and new advanced mining technologies. The Department of Defense awarded $29.9 million to ElementUS Minerals to build a Louisiana facility producing gallium and scandium from bauxite residue, part of a broader effort to reduce reliance on Chinese supply chains.
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