Trump eyes sovereign wealth fund to back US mining

Washington is eying the possible creation of an American sovereign wealth fund (SWF) to compete with China’s state-controlled extractive industries by directly investing in miners, both domestic and foreign, as the administration scrambles to collect new critical minerals allies.

The plan, revealed Thursday by Interior Secretary Doug Burgum, who is advising the campaign on energy and national security, would mark a dramatic shift in how Washington supports resource development. “We should be buying equity in these companies,” Burgum told CNBC on Thursday, citing strategic concerns over China’s grip on the global critical minerals supply chain.

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Source: Oil Price

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