President Donald Trump issued an executive order on Thursday directing federal agencies to dramatically increase the speed and scale of mineral production on public lands – part of a global trend that’s playing out in the gold market in particular as prices reach new all-time highs and the reserve asset becomes ever more important for central banks.
The executive order calls for the creation of a list of U.S. mines that can be quickly approved, as well as a list of federal lands – including those controlled by the Pentagon – where minerals processing facilities could be built.
“The United States possesses vast mineral resources that can create jobs, fuel prosperity, and significantly reduce our reliance on foreign nations,” the order stated. “Our national and economic security are now acutely threatened by our reliance upon hostile foreign powers’ mineral production. It is imperative for our national security that the United States take immediate action to facilitate domestic mineral production to the maximum possible extent.”
The order lists gold, uranium, copper, potash, “and any other element, compound or material as determined by the Chair of the National Energy Dominance Council (NEDC),” and calls for an increase in “the mining, processing, refining, and smelting of minerals, and the production of processed critical minerals and other derivative products.”
The new executive order calls on every executive department and agency involved in permitting mineral production in the United States to coordinate a ramp-up of mineral production, with expedited milestones of between 10 and 45 days for various steps in the process. […]
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