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The August of Oversight for the President’s Mining “Deals”
The Trump Administration’s corruption and self-dealing went on full display during the August 7 Critical Minerals Roundtable at the State Department.
The President received gifts of magnets from MP Materials and a solid gold ball from American Ocean Minerals Co., shaped to look like a nodule of minerals on the ocean floor. Real nodules do not contain gold, and mining them is a bad idea.
Administration Officials Public Spending on Questionable Mining Deals
Commerce Secretary Lutnick spoke during the Roundtable to praise the $1.4 billion taxpayers spent from the One Big Beautiful Bill. That money bought a piece of minerals company, Vulcan Elements. That purchase and other taxpayer financed minerals “deals” have enriched top Administration officials and their family members, including Secretary Lutnick’s son.
Secretary of State Rubio discussed the Export-Import Banks’s (EXIM) Project Vault, which would stockpile minerals for civilian projects. A March 2025 Executive Order opens up pots of EXIM’s public money to finance more risky minerals deals through the Forum on Resource Geostrategic Engagement (FORGE), a coalition of international banks he convened.
Elected Officials Call for Action
With widespread reporting of corruption, at taxpayer expense, comes increasing scrutiny from Congress.
- On July 30, Senators Blumenthal, Schiff, and Warren expressed concern about $8.9B in investments in mining companies tied to President Trump’s family, Secretary Lutnick’s family, or both. The Senators requested that Secretary Lutnick and other Cabinet officials preserve records and communications related to Vulcan and more than a dozen more minerals deals.
- On August 10, Representatives Huffman and Garcia demanded Vulcan’s records related to investments received from Donald Trump Jr.’s firm just days before the Government’s funding announcement. The Representatives expressed concern about corruption in government contracting.
- Also August 10, Representatives Huffman and Dexter announced their committee’s investigation into alleged insider trading at Energy Fuels. The company owns uranium claims that will be opened up by the President’s decision to shrink the Bear Ears National Monument.
- On August 12, Senator Heinrich and Representative Huffman requested that the Government Accountability Office (GAO) investigate potential conflicts of interest when agencies buy ownership in public lands mines. They asked the GAO to investigate how the EXIM makes sure mineral investments only go to feasible projects.
- On August 17, fifty-four House Democrats wrote again to Secretary Lutnick and other officials demanding transparency, accountability, and high-road environmental standards for EXIM’s domestic and foreign minerals “deals.”
These investigations will continue until Congress stops the money fueling this apparent corruption.
Congress Can Put Up Guardrails
Funding for EXIM expires on September 30, unless Congress acts. To tame the corruption and risks in these minerals deals, Congress should make the EXIM’s next round of funding dependent on the requirement to follow the highest standards for accountability and social performance, especially respect for Indigenous Peoples’ rights.
Placing guardrails on these investment deals will allow Congress to protect taxpayers from losing money in risky mine projects that waste taxpayer money, harm communities, and enrich the Trump Administration’s allies.
The Next Generation of Mining Executives Can Learn a Different Lesson
The President did announce one deal that will genuinely serve the public interest, although it was overshadowed by the lavish gifts. The Administration awarded $100 million to selected mining schools. This support can enable new generations of miners to learn and innovate material efficiency techniques using less water and energy.
This is also a good down payment on educating future miners on a lesson they would not have learned at the President’s roundtable: A mining company’s greatest asset is approval from the public and affected communities, not insider connections.