Silver and Copper Added to US List of Critical Minerals

The US Department of the Interior has added copper, silver and metallurgical coal to its official list of critical minerals. The update, announced by the US Geological Survey (USGS), increases the likelihood that these materials will be subject to future US trade and national security measures.

Strategic Importance for National Security

The list, reviewed every three years, identifies which raw materials are considered vital to the national security and economic interests of the United States. It also determines which domestic mining projects may qualify for federal support.

Under the Trump administration, securing supply chains became a top priority, and the definition of what counts as “critical” was significantly broadened. The latest update adds ten materials, including lead, phosphate, silicon, uranium and rhenium, which is used in jet engines.

A Signal to the Market

According to the USGS, several of the newly added materials are already produced in significant quantities in the US, such as metallurgical coal and boron. “This list sends a clear signal to the market about where the US government is placing its priorities,” said Gracelin Baskaran of the Center for Strategic and International Studies. “A mineral designated as ‘critical’ is more likely to receive government support.”

Uncertainty Surrounding Silver

The inclusion of silver has caused unease in the markets. If the metal were to be subjected to future tariffs, it could disrupt international trade. Analysts note, however, that some forms of silver are already exempt under existing customs codes, meaning not all categories would be affected.

Concerns have led to record silver stockpiles in New York and temporary shortages in London. The United States imports roughly two-thirds of its silver, which is widely used in electronics, solar energy, jewelry and investment. Driven by rising demand, the silver price reached a record high of more than $50 per troy ounce in October.

Vulnerable Supply Chains

The USGS also highlighted several materials with the highest risk of supply chain disruption, including rhodium, gallium, germanium, tungsten, rare earth elements and potash, the latter of which is largely imported from Canada.

According to the official definition, a critical mineral is one that is essential to the US economy or national security, has a supply chain vulnerable to disruption, and plays an indispensable role in the production of strategic goods. A similar list is maintained by the US Department of Energy, which currently classifies 41 elements as strategic; it was last updated in 2023.