U.S. officials say two primary smelter projects were announced in the past month, with one fully funded

The U.S. hosted the Critical Minerals Ministerial in Washington on February 4, 2026, where senior officials including Vice President J.D. Vance and Secretary of State Marco Rubio outlined a U.S.-led plan to diversify and secure global critical minerals supply chains. The administration proposed a preferential trade zone with enforceable price floors and adjustable tariffs, announced Project Vault (a $12 billion strategic minerals reserve), and detailed domestic measures — investment, stockpiling, protection of mining companies, and permitting reform — to rebuild mineral production and processing. Japan and other partners endorsed diversification and multilateral cooperation through initiatives such as FORGE.