US Mobilizes Domestic Mining Push Hours Before Attacking Iran

The Pentagon asked over 1,500 defense industry members to submit domestic mining proposals for 13 critical minerals one day before the United States and Israel launched strikes on Iran, a timing that has drawn attention given Washington's stated need to reduce dependence on Chinese-controlled supply chains for defense materials. Projects are eligible for up to US$500 million in development funding, with a March 20 submission deadline. 

One day prior to US and Israeli military strikes against Iran, the US armed forces reached out to mining firms asking them to help strengthen the country's domestic stockpiles of 13 minerals considered critical to defense manufacturing, semiconductor production, and weapons systems.

The solicitation went out through the Defense Industrial Base Consortium, a network comprising over 1,500 companies, academic institutions, and defense suppliers. Companies were invited to submit project proposals by March 20, covering the extraction, refinement, or recycling of specified minerals, with available funding potentially ranging from US$100 million to beyond US$500 million per qualifying project.

The 13 materials, arsenic, bismuth, gadolinium, germanium, graphite, hafnium, nickel, samarium, tungsten, vanadium, ytterbium, yttrium, and zirconium,  are ones the United States currently imports in large quantities. China stands as the world's leading producer of every single one of them, and has already moved to restrict overseas shipments of several, including germanium, graphite, and yttrium. 

The Pentagon's request called for detailed financial breakdowns of what it would take to build out new mining or processing infrastructure, though it offered no explanation for why these particular 13 minerals were chosen.

In a separate development, the Defense Logistics Agency put out its own inquiry the same day, asking mining companies whether they could supply lithium, chromium, and tellurium to replenish military reserves.

United States Moves to Lock In Critical Minerals

The DIBC request is part of a broader, accelerating US strategy to secure critical mineral supply chains. In November 2025, the US Geological Survey released its final 2025 List of Critical Minerals, identifying 60 materials vital to the economy and national security,  adding 10 new entries including boron, copper, silver, uranium, and potash. 

In early 2026, Washington intensified its approach, shifting from market competition to an alliance-based framework designed to shield allied industries from supply shocks and predatory pricing. The cornerstone of that effort was the Inaugural Critical Minerals Ministerial on Feb. 4, 2026, which brought together 55 nations to establish a preferential trade zone for strategic materials, incorporating price supports, subsidies, standards, and guaranteed offtake agreements. Mexico was among the participating countries.

Last month, the administration launched a US$12 billion minerals stockpile backed by the US Export-Import Bank, and proposed reference prices for minerals derived in part from a Pentagon-developed artificial intelligence program. The administration has also taken equity stakes in rare earths miner MP Materials, Lithium Americas, and copper-and-cobalt developer Trilogy Metals. 

Other nations are moving in parallel. Last month, Brazil and India signed an agreement to expand cooperation on critical minerals and rare earths as part of a broader global push to reduce reliance on China

Mexico, holding the 2026 pro tempore presidency of the Pacific Alliance, is focusing on industrializing critical minerals to strengthen regional supply chains in semiconductors and advanced batteries. Economy Minister Marcelo Ebrard said Mexico is seeking access to 13 minerals it lacks or produces in limited quantities while remaining a top global producer of antimony, copper, silver, and zinc. Mexico plans to raise critical minerals trade at the WTO's XIV Ministerial Conference in March 2026 and is engaging with Latin America, India, and Canada to secure supply.

Mining Stocks Slide on Iran Conflict but Hold Strong Year-to-Date

Mining equities fell sharply as the US-Iran conflict escalated, with precious metals producers absorbing the steepest losses while diversified and copper-focused miners proved more resilient.

This week, gold futures nearly broke through US$5,000/oz before recovering more than US$100 by the close, ending the day down 3.5%. Silver fell 6% from March 2 levels, trading above US$83/oz in late deals. Copper declined 2% to US$5.83 per pound, briefly erasing all 2026 gains. Year-to-date, gold and silver remain up more than 15%.

Precious metals equities posted the largest single-day losses. Fresnillo's US trading units fell 9.3% to US$38.3 billion, Wheaton Precious Metals dropped 8.7% to US$68.7 billion, Barrick Mining fell 8.3% to US$78 billion, Pan American Silver lost 8.2% to US$26 billion, Newmont declined 7.9% to US$129 billion, and Franco-Nevada fell 5.6% to US$50 billion.

Diversified and copper-focused producers were less affected. BHP fell 5.6% but held a market cap above US$200 billion. Southern Copper dropped 5.8% to US$170 billion, Rio Tinto declined 4.3% to US$162 billion, and Freeport-McMoRan fell 4.0% to US$94 billion. Anglo American and merger partner Teck Resources each fell just over 3%, to US$49 billion and US$27 billion respectively.

Despite the sell-off, experts point out that top mining stocks remain positive year-to-date. Compared with 2025, many heavyweight miners have doubled, tripled, or even quadrupled in value.