The U.S. Critical Minerals List has undergone its biggest revision to date! Copper has been included for the first time, and silver, uranium, and potash fertilizers have also been added.
The U.S. government has finalized its largest overhaul of the Critical Minerals List since its inception. This decision directly impacts the Section 232 investigation announced by the Trump administration in April, potentially leading to tariffs and trade restrictions on related products.
On Thursday, November 6th, Eastern Time, the U.S. Geological Survey (USGS), a branch of the Department of the Interior, released its latest Critical Minerals List, including copper for the first time. This marks the most significant revision since the list was first published in 2018, replacing the 2022 version. The list also adds uranium, silver, metallurgical coal, potash, rhenium, silicon, and lead. When the draft Critical Minerals List was released at the end of August, U.S. Interior Secretary Doug Burgum stated that this move would provide a roadmap for reducing U.S. dependence on imports and expanding domestic production.
Following the release of the revised Critical Minerals List for 2025, US stocks opened lower on Thursday. Copper mining ETFs rose approximately 2%, Southern Copper rose 1.6%, Freeport-McMoRan fell 1.2%, and McEwen fell 1.9%. Rare earth stocks, particularly USAR, fell over 1%, and Energy Fuels fell over 5%. Nuclear power stocks plummeted, with LEU falling over 15%, Nexgen Energy falling nearly 8%, Oklo falling 6%, NuScale falling over 5%, Uranium Energy falling over 4%, and the Uranium Mining & Nuclear Energy ETF falling over 3%.
The Critical Minerals List determines which commodities will be included in the Section 232 investigation related to the processing of critical minerals and their derivatives announced by the Trump administration in April. This list will impact future tariff policies and trade restrictions. It will also affect mining investment, mine waste recycling, tax incentives for mineral processing, and the mining permit approval process.
The Trump administration prioritizes increasing domestic supply of these minerals, believing that over-reliance on foreign supplies jeopardizes national security, infrastructure development, and technological innovation. This expansion of the list comes at a time when U.S. electricity demand is growing for the first time in two decades, with the development of data centers and artificial intelligence driving up the demand for grid upgrades.
Copper and potash fertilizers are included for the first time in addressing supply chain risks.
Copper, as an excellent conductor, is widely used in transportation, defense, and power grid construction. With the development of data centers and artificial intelligence driving up electricity demand, its strategic importance is increasingly prominent.
When the draft list of critical minerals was released at the end of August, Juan Ignacio Diaz, head of the International Copper Association, stated that copper "underpins electrification, defense, and clean energy, while its supply chain is facing increasing pressure," and that designating copper as a critical mineral "is beneficial to the United States because it strengthens its competitiveness and the foundation for its energy transition."
The United States imports nearly half of its total copper consumption, primarily from Chile, Peru, and Canada, while the majority of global copper refining capacity is concentrated in China. The resources industry has been pushing the U.S. government to include copper and other metals on a critical mineral list in order to secure federal funding and streamlined licensing processes.
Potash fertilizer is mainly used in fertilizer production, and the U.S. imports approximately 80% of its potash fertilizer from Canada. Kendra Russell, head of the Energy and Mineral Resources team at the U.S. Geological Survey, stated that potash was included because recent modeling indicated that major supplying countries might erect trade barriers. The fertilizer industry lobbying group, the Fertilizer Association, has been pushing for potash to be listed as a critical mineral in order to secure tariff exemptions.
The inclusion of silver has sparked market concerns.
The inclusion of silver in the list has raised concerns among precious metals traders and manufacturers who rely on the material. The United States heavily depends on imports to meet domestic silver demand, and any tariffs on silver could severely impact the metals market. Silver has wide-ranging industrial applications in electronics, solar panels, and medical devices.
The USGS stated that silver's inclusion is a response to the low-probability but high-impact scenario of supply disruptions from Mexico. This list reportedly marks the first time critical minerals have been categorized into high-risk, higher-risk, and medium-risk groups based on their risk level.
The new assessment methodology incorporates the economic consequences of supply shocks and highlights "single-point failure" scenarios, highlighting the vulnerability of industries reliant on a single domestic producer. Sarah Ryke, Deputy Director of the USGS, stated, "The mineral resources-related industries will contribute $4 trillion to the U.S. economy in 2024, and this method helps identify which industries are most vulnerable to supply disruptions."
Metallurgical coal and uranium were finally included in the list.
It's worth noting that an executive order signed by Trump this year directed the Department of the Interior to assess whether metallurgical coal and uranium should be included in the list. These two minerals were not included in the draft released in August, but were ultimately included in the final list.
Metallurgical coal is used in steel production, while uranium is fuel for nuclear power plants. During the 30-day public comment period following the release of the August draft, the Department of the Interior welcomed comments from all parties regarding whether to add these two minerals to the final list. Analysts believe that the final decision likely considered multiple factors, including environmental factors, the current state of domestic supply, and international trade relations.
Furthermore, the USGS removed arsenic and tellurium from the Critical Minerals List. Tellurium was removed because of increased domestic production, shifting the US from a net importer to an exporter. Arsenic was removed because recent data indicates that Peru is the main producer, reducing the risk of supply disruptions. According to the Energy Act of 2020, the Critical Minerals List must be updated every three years; this latest list includes a total of 54 minerals.
This adjustment to the US Critical Minerals List signifies a further tightening of its supply chain strategy, and related products may face trade restrictions such as tariffs in the future. It is recommended that foreign trade enterprises immediately review their export products to the United States and assess the direct risks; promote industrial upgrading and shift from exporting primary products to exporting high value-added manufactured goods; strengthen supply chain resilience management and find alternative sources of key raw materials.
