On March 20, 2025, President Trump signed an executive order titled Immediate Measures to Increase American Mineral Production identifying immediate actions to boost the production of critical minerals within the United States. This executive order builds on the Unleashing American Energy executive order issued on January 20, 2025, which emphasized, among other things, a priority to establish the United States’ position as the leading producer and processor of non-fuel minerals, including rare earth minerals. This executive order outlines concrete steps to facilitate domestic mineral production and processing as part of a broader strategy to enhance national security, reduce reliance on foreign mineral supplies, reduce regulatory barriers, and promote domestic job creation and industry. In addition to key measures intended to streamline permitting outlined in our post last week, this executive order mandates coordination among various federal agencies to facilitate and support private and public capital investment in domestic mineral production and processing projects. The order:
Taps DFC loan authority to advance domestic mineral production under DPA: The order delegates to each of the Secretary of Defense and the CEO of the United States International Development Finance Corporation (DFC), in consultation with other relevant agencies, various authorities under the Defense Production Act (DPA) to facilitate domestic production and development of strategic resources essential for advancing mineral production. Notably, the DFC is authorized to issue “loans that create, maintain, protect, expand, or restore domestic mineral production” and to adopt related rules and regulations. The order mirrors the grant of similar authorities to the DFC CEO under the first Trump administration to support industrial base capabilities in response to the COVID-19 emergency.
Highlights domestic mineral funding opportunities under EXIM: Highlighting the existing Supply Chain Resiliency Initiative and the Make More in America Initiative, the order directs the President of the Export-Import Bank of the United States (EXIM) to release guidance for using mineral and mineral production financing tools under these programs to support domestic mineral production and lock in guaranteed access to critical minerals from oversea suppliers by securing offtake agreements of global raw mineral feedstock for domestic minerals processing.
Mandates disclosure relief to streamline funding applications: Agencies empowered to make loans, loan guarantees, grants, equity investments, or offtake agreements in connection with securing vital mineral supply chains are directed to take steps to rescind policies requiring applicants to submit disclosures required by Regulation S-K part 1300 for funding applications.
Activates other agencies to support domestic mineral production and supply chain resiliency: Other agencies are also directed to take urgent steps to support and facilitate domestic mineral production, including:
- Use of the National Security Capital Forum to connect private capital with commercially viable domestic mineral production projects;
- Addition of mineral production as a priority area for the Industrial Base Analysis and Sustainment Program;
- Establishment of a dedicated mineral and mineral production fund using Department of Defense investment authorities to support domestic investments in mineral production;
- Convening buyers of minerals and working toward an announced request for bids to supply minerals; and
- Soliciting recommendations from the Small Business Administration for legislation to enhance private-public capital activities supporting small businesses in mineral production.
Additional guidance from DFC, EXIM, and other agencies regarding these programs and initiatives is expected to be issued within 30-45 days after the order was published on March 20. Hunton’s leading Agency Finance team, which regularly advices on DFC and EXIM loans and was instrumental in implementing transactions for DFC under the precedent DPA loan program, is watching these developments closely.