Atlantic Strategic Minerals, a small US mining company, is considering building a rare earths plant in a bid to join America’s push for domestic production of key materials.

The island is home to a massive deposit of rare earths, which are crucial to U.S. efforts to maintain its technological lead over China. But tapping them isn't so easy.

Venezuela is believed to have deposits of several minerals classified as critical by the U.S. Geological Survey, including coltan—a tantalum- and niobium-bearing mineral—and bauxite, the primary ore of aluminum.

The order follows on an investigation to determine whether imported processed critical minerals should be subject to higher tariffs.

A bipartisan group of U.S. lawmakers on Thursday introduced a bill to create a $2.5 billion stockpile of critical minerals, a move aimed at stabilizing market prices and encouraging domestic mining and refining.

Venezuela could follow Ukraine as the Trump administration’s next overseas critical mineral source to diversify the U.S. supply chain.

As global competition for rare earths intensifies, Greenland’s reserves are likely to remain central to strategic discussions.

A bipartisan group of lawmakers have proposed creating a new agency with $2.5 billion to spur production of rare earths and the other critical minerals, while the Trump administration has already taken aggressive actions to break China’s grip on the market for these materials that are crucial to high-tech products,

U.S. President Donald Trump said Wednesday he is holding off—for now—on imposing tariffs on imports of critical minerals, opting instead to direct his administration to seek supplies from international partners.