The US government is in talks to set up a multibillion-dollar fund for overseas mining projects with investment firm Orion Resource Partners, as Washington seeks to counter Chinese dominance of critical minerals.
The US International Development Finance Corporation and New York-based Orion would each invest $600mn or more in the new fund — potentially alongside other sovereign investors and US agencies, said people familiar with the talks.
The fund would invest in projects to extract critical minerals such as copper and rare earths, which are crucial for defence and high-tech manufacturing.
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