President Donald Trump‘s revoking the $7,500 electric vehicle tax credit hasn’t discouraged mining companies from continuing to source critical materials needed for EV manufacturing.
Rio Tinto RIO CEO Jakob Stausholm, for example, remains optimistic about the global demand for lithium. Speaking at the World Economic Forum in Davos on Tuesday, Stausholm noted, “Lithium demand will probably go up another five times over the next 15 years.”
Stausholm also praised Trump’s greenlighting of the Resolution mine in Arizona. Resolution is a massive joint venture project with BHP Group BHP that could become the biggest copper mine on the continent, the companies claim.
“I do think that we have really good chances now to progress that project," he told the Financial Times. The $64 billion project has an estimated life span of a 60-years. It’s expected to produce over 1 billion pounds of copper per year or around 25% of the U.S. needs.
Trump’s interest in Greenland is also said to go deeper than simply projecting power on the global stage. The Denmark-owned island is home to 25 of the 34 critical metals (per the EU’s classification). Companies like Australia-based Energy Transition Minerals have already mapped over one billion tons of mineral resources. This includes heavy rare earth metals like terbium, neodymium, dysprosium, and uranium.
As of January, Greenland has one active mine. In 2023, there were two.
Another key focus of Trump's critical minerals strategy may be deep-sea mining. The Metals Company TMC, a prospective deep-sea miner, plans to submit its first application to the International Seabed Authority (ISA) in June.
The Vancouver, British Columbia-based company seeks approval to extract polymetallic nodules from the ocean floor. These nodules contain cobalt, nickel, and rare earth elements crucial for battery and electronics production.
TMC's application, with support from the Republic of Nauru, could face hurdles as ISA’s new Secretary-General, Leticia Carvalho, has touted sustainability and equity in deep-sea mining governance.
"Our mandate is both a privilege and a responsibility—to act in the interest of all humankind," Carvalho said after assuming the leadership role earlier this month.
Despite this, TMC remains undeterred. CFO Craig Shesky told Benzinga last summer, “There’s nothing to stop [deep-sea mining] at this point. This is now inevitable.”
With Trump's administration favoring deregulation and resource independence, TMC may find a more conducive environment for advancing its ambitions.
Read Next:
Image: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
