US, Orion partner up on $5B critical minerals fund

[Ben Graham]

The US government has teamed up with Orion Resource Partners and Abu Dhabi’s ADQ to establish a new billion-dollar fund to invest in critical minerals, marking another major step in President Donald Trump’s push to secure key resources and reduce reliance on China’s supply chains.

The initiative, known as the Orion Critical Mineral Consortium, was announced Thursday by Orion and supported by the US International Development Finance Corp. (DFC).

According to Orion’s statement, the three partners — DFC, Orion and ADQ — have made initial capital commitments totaling $1.8 billion, with plans to expand the pool to as much as $5 billion in the future. Bloomberg News first reported in September that the DFC and Orion were in talks to establish the joint fund.

With this cornerstone investment, the Orion-led consortium will “engage with mission-aligned investors and partner nations that have expressed their ambition to secure the critical minerals that underpin the modern economy,” the firm said.

Bridging minerals gap

DFC — created toward the end of Trump’s first term in 2019– will co-fund the consortium, with its initial investment matched by funds managed by Orion and ADQ. The consortium will focus on “existing or near-term producing assets,” rather than on early-stage exploration projects that could take a decade to become operational, its statement said.

The initiative “represents a significant step forward in bridging the substantial funding gap needed to accelerate investment in the critical minerals supply chain, while at the same time boosting US economic growth,” Oskar Lewnowski, founder and CEO of Orion Resource Partners, stated in a press release.

Ben Black, chief executive officer of the DFC, said the consortium was created to “establish a robust pipeline of secure critical mineral investments vital to advancing American economic prosperity.”

The initiative is part of Washington’s broader strategy to counter Beijing’s dominance over global mineral supply chains, particularly in materials such as copper, cobalt and rare earths, which are essential to the defense industry and the global energy transition.

US investments

The US has already moved to strengthen mineral ties with allies. Earlier this week, Washington signed a landmark agreement with Australia to boost access to rare earths and other critical materials. It is also negotiating a similar bilateral deal with the Democratic Republic of Congo, the world’s largest cobalt producer and a key copper supplier. Since Trump’s return to the White House, the US government has made direct equity investments in mining companies to secure strategic resources.

Column: US-Australia critical minerals deal underscores the gap to China

In parallel, US mining companies are also stepping up efforts to secure federal support. In July, MP Materials, its sole rare earth miner, entered into a public-private partnership with the US Department of Defense to develop a domestic rare earth magnet supply chain. Industry groups are intensifying lobbying efforts in Washington to benefit from the administration’s pledged investments in firms deemed essential to national security.

The launch of the consortium underscores growing momentum in the US to rebuild domestic and allied capacity in the critical minerals sector — a strategic response to rising geopolitical competition over the resources that underpin the global economy of the future.

Orion, a leading financier in the mining industry with about $8 billion in assets under management, has been expanding its global partnerships. Earlier this year, it announced a $1.2 billion venture with Abu Dhabi sovereign wealth fund ADQ to invest in resource projects. The creation of the Orion Critical Mineral Consortium further deepens this collaboration, positioning both firms as key players in reshaping Western access to critical raw materials, it said.