The following companies are linked to the strategic investment push: USA Rare Earth will build an integrated US rare earth and magnet production chain supported by $1.6bn (R25.52bn) in proposed CHIPS Act funding. The effort looks to expand US rare earth processing capacity and strengthen domestic supply chains in critical minerals. Korea Zinc will build a $7.4bn smelter in Tennessee through a joint venture with US partners.
The US department of war will hold a 40% stake in the JV, while the commerce department will provide $210m in subsidies under the CHIPS Act. Korea Zinc will issue $1.9bn in new shares to the JV and US strategic investors, giving them about 10% of the company. The remaining $5.5bn will come from $4.7bn in US-backed loans and other financing.
Construction begins in 2026, with phased operations starting in 2029. The project strengthens US supply chains and reduces reliance on China, which dominates global critical mineral supply and recently restricted exports of antimony and germanium to the US. The White House will invest about $35.6m for the development of critical mineral resources at the UKMP, which is located in Alaska’s Ambler mining district.
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