The latest list of critical minerals released by the U.S. Geological Survey (USGS), a division of the Department of the Interior, includes copper for the first time, marking the biggest change in nearly three years. Unlike the draft list released in late August, the final list also includes metallurgical coal and uranium. The list determines which goods will be included in the Trump administration's related Section 232 investigations into critical minerals, which will inform future tariff policies and trade restrictions.

The biggest shake-up in key minerals since the US government's establishment has been finalized. This decision directly affects the Trump administration's April announcement of Section 232 investigations, which could lead to tariffs and trade restrictions on related products.

On Thursday, June 6th, the U.S. Geological Survey (USGS), an agency under the U.S. Department of the Interior, released its latest list of critical minerals, which for the first time included copper, marking the most significant adjustment since the list was first published in 2018. The list, which replaced the 2022 version, also added uranium, silver, metallurgical coal, potassium, rhenium, silicon, and lead. The draft list was announced in August this year. The move is intended to provide a roadmap for reducing the U.S. reliance on imports and expanding domestic production.Douglas "Doug" Burgum, the U.S. Interior Secretary, stated that this initiative would provide a blueprint for reducing the U.S. dependence on imports and expanding domestic production.

After the release of the updated list of critical minerals in 2025, on Thursday's pre-market session of the US stock market, copper mine ETF rose about 2%, Southern Copper Corporation rose 1.6%, Freeport fell 1.2%, McEwen fell 1.9%. The US rare earth concept stock USAR fell more than 1%, Energy Fuels fell more than 5%. Nuclear power concept stocks fell sharply, among which LEU fell more than 15%, Nexgen Energy fell nearly 8%, Oklo fell 6%, NuScale fell more than 5%, Uranium Energy fell more than 4%, and the uranium mine nuclear energy ETF fell more than 3%.

The list of critical minerals determines which goods will be included in the Trump administration's Section 232 investigation announced in April regarding processed critical minerals and their derivatives, which will affect future tariff policies and trade restrictions. The list will also impact mining investment, mine waste recycling, mineral processing tax incentives, and the approval process for mining permits.

The Trump administration is making securing supplies of these minerals a priority, viewing over-reliance on foreign supplies as a threat to national security, infrastructure development and technological innovation. The expansion of the list comes as US power demand has grown for the first time in 20 years, driven by the need to upgrade the grid to meet the demands of data centers and artificial intelligence.

Copper and potassium fertilizers make their debut in addressing supply chain risks

Copper, as an excellent conductor of electricity, is widely used in transportation, defense, and power network construction. With the rise in power demand driven by the development of data centers and artificial intelligence, its strategic importance is increasingly highlighted.

When the draft list of critical minerals was unveiled at the end of August, Juan Ignacio Diaz, head of the International Copper Association, said copper is “underpinning electrification, defense and clean energy, while its supply chain is facing increasing pressure,” and that designating copper as a critical mineral “is in the interest of the United States, as it will help consolidate its competitiveness and the basis of its energy transition.”

The United States imported nearly half of its total copper consumption, mainly from Chile, Peru, and Canada, while the majority of global copper refining capacity is concentrated in China. The mining industry has been advocating for the U.S. government to include metals like copper on a list that would entitle them to federal funding and expedited permit approval processes.

Potash is used mainly in fertilizer production, and about 80 percent of the potash used in the United States is imported from Canada. Potash was included because the latest modeling shows that major supplier countries could potentially set up trade barriers, said Kendra Russell, head of the Energy and Mineral Resources team at the U.S. Geological Survey. The "Fertilizer Association," a trade group for the fertilizer industry, has been advocating for potash to be listed as a critical mineral in order to secure tariff exclusions.

The inclusion of silver has raised market concerns.

The addition of silver has raised concerns among precious metal traders and manufacturers that rely on the material. The United States relies heavily on imports to meet domestic silver demand, and any tariffs imposed on silver could have a severe impact on the metal market. Silver has a wide range of industrial applications in electronics, solar panels, and medical devices.

The USGS said the addition of silver was to address the potential, low-probability, but high-impact scenario of a disruption in supply from Mexico. The list, which was first reported by the Wall Street Journal, also breaks down critical minerals by risk level into high, higher, and medium.

The new assessment method incorporates the economic consequences of supply shocks and highlights the vulnerability of "single-point failures," i.e., the reliance on a single domestic manufacturer. USGS Deputy Director Sarah Ryke stated, "The mineral resources-related industries contributed $4 trillion to the U.S. economy in 2024, and this method can distinguish which industries are most affected by supply disruptions."

Metallurgical coal and uranium finally in the list

Notably, the executive order signed by Trump this year directed the Department of the Interior to assess whether to add metallurgical coal and uranium to the list, two minerals that were absent from the August draft but were ultimately included in the final version.

Metallurgical coal is used in steelmaking, while uranium is fuel for nuclear power plants. During the 30-day public comment period following the release of the August draft, the Ministry of Internal Affairs expressed its welcome for opinions on whether to add these two minerals to the final list. Analysts believe that the final decision may take into account a variety of factors, including environmental considerations, the current state of domestic supplies, and international trade relations.

In addition, USGS removed arsenic and tellurium from the critical minerals list. Tellurium was removed because of increased domestic production, which has shifted the US from a net importer to an exporter. Arsenic was removed due to the latest data indicating that the main producing country is Peru, and the risk of supply disruption has decreased. The critical minerals list, which is required to be updated every three years under the Energy Policy Act of 2020, includes a total of 54 mineral commodities.

If you have any inquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.