Recently, the New York-based mining investment company, Cove Capital, has secured a multi-billion-dollar valuable mineral project in Central Asia, which involves the extraction of the world’s largest untapped tungsten deposit in Kazakhstan.
According to executives at Cove Capital, the agreement reached in November 2025 involves establishing a joint venture with a state-owned mining company in Kazakhstan, which could serve as a blueprint for other agreements as Washington seeks to strengthen the global critical mineral supply chain and reduce dependence on China.
Pini Althaus, Managing Partner of Cove Capital, described the project as an “unprecedented” result of cross-sector collaboration. He noted that this represents a significant departure from the previous administration, even compared to President Donald Trump’s first term.
Althaus revealed to the Epoch Times that President Trump, Commerce Secretary Howard Lutnick, and Secretary of State Marco Rubio were directly involved in the project.
Representatives from various organizations were said to have been involved in the initiative, according to Althaus.
The mining investment firm has received preliminary support from two US government financing institutions totaling up to $1.6 billion. In return, Cove Capital has reached an agreement with the US Department of Commerce to prioritize meeting US government and commercial needs.
Tungsten, with the highest melting point among all metals, is crucial for advanced industries and defense applications.
The Trump administration has been pushing for the establishment of a $120 billion critical mineral stockpile and plans to establish rare earth tariff-free trade zones, potentially facilitating more similar transactions. According to the New York-based Critical Minerals Institute, as of February 8, the Trump administration had made about 20 critical mineral deals, involving over $10 billion in government-backed financing.
Experts interviewed by the Epoch Times indicated that with China relaxing its price controls, Washington and Beijing may engage in more direct competition in other countries to secure rights for mineral extraction. The US could gain more opportunities to access strategic minerals as many countries implement export controls, seeking to encourage domestic processing instead of shipping raw materials to China for refining.
China became a net importer of rare earth ores and concentrates in 2019, according to the US International Trade Commission. Althaus pointed out that Beijing has been leveraging its Belt and Road Initiative to secure a global critical mineral supply chain.
Christopher Ecclestone, a mining strategist at Hallgarten & Company in London, noted that while China may have control over mineral imports, it could be losing control over the mining process itself. However, China still dominates in processing minerals.
Ecclestone highlighted China’s ability to influence prices as a key factor. He mentioned that China’s dominance is partly a result of its ability to manipulate information, emphasizing the significant impact Beijing’s signals have on the market.
The Trump administration’s initiatives to strengthen the US’ position in critical minerals supply have sparked various responses worldwide. Mexico, for instance, nationalized lithium resources in 2022, while the Democratic Republic of the Congo (DRC) cemented its mining ties with China through a 2008 infrastructure-for-minerals deal.
The United States has been working on collaborative efforts with global partners to establish strategic mineral reserves and secure supply chains. While the challenges are many, analysts suggest that achieving self-reliance in critical minerals could take a significant amount of time and effort.
Ian Lange, a professor at the Colorado School of Mines, emphasized the importance of sustaining the US strategy to ensure long-term success. Similarly, Melissa Sanderson, a former diplomat, highlighted the financial influences China holds over some African nations.
The ongoing competition for natural resources and strategic minerals mirrors a global shift towards retaining resources within national borders. As countries navigate the complexities of securing critical minerals, balancing geopolitical pressures from Beijing and Washington remains a critical challenge for many.
In essence, the path to reducing reliance on critical mineral supply chains is a multifaceted and long-term endeavor that may span decades. However, concerted efforts and strategic partnerships could pave the way for a more resilient and secure global supply chain in the years to come.