Hundreds of private mining and processing companies are in talks with the White House regarding deals, a senior administration official said, as President Donald Trump tries to secure a domestic critical mineral supply chain and reduce reliance on foreign imports.

The Trump administration has moved recently to acquire stakes in multiple critical minerals and rare earth mining companies, transactions that could prove critical to its success but that represent an unusual form of direct federal government involvement in private business affairs. Both the administration and the industry view these investments as crucial to lessening China’s chokehold on the supply chain for critical minerals, which are key for battery systems, electric vehicles, and energy infrastructure.

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As of early October, only two deals have been finalized. The first deal was made between the Department of War, formerly the Department of Defense, and Nevada-based MP Materials. In the agreement, the agency was awarded a 15% stake in the company.

The second deal was finalized at the end of September between the Department of Energy and mining firm Lithium Americas and its Thacker Pass lithium project in Nevada. The administration now holds a 5% stake in both the company and the mining project.

Now, many other mining and mineral processing companies are looking to secure similar investments in their projects domestically and abroad.

A senior administration official told the Washington Examiner that the administration has heard from “hundreds” of companies that are interested.

“Hundreds of mining and processing companies have reached out to the administration with projects to evaluate, and we are determining which projects are in the national interest,” the official said. 

One of these firms appears to be USA Rare Earth, whose chief executive told CNBC this week that it was communicating with the White House. 

USA Rare Earth CEO Barbara Humpton told the outlet on Thursday that the mining company is in “close communication” with the administration. While she did not say if USA Rare Earth was open to selling equity to the government, Humpton did say it will take a “lot of players” to build out the domestic marketplace and supply chain for critical and rare minerals. 

“What we’re doing is keeping the administration informed of our plans,” she said.

Similarly, late last month, Colorado-based uranium miner Energy Fuels indicated that it was an attractive candidate for a similar deal with the administration.

Energy Fuels CEO Mark Chalmers also told CNBC that the administration will need to make multiple deals within the industry, as not every company will succeed in meeting the growing demand for minerals from the technology and energy sectors.

“The government cannot bet on one horse — it just doesn’t make sense,” Chalmers said at the time. “We spend a lot of time in D.C. making sure they understand the merits of our strategy.”

Other major mineral firms, such as lithium processor Albemarle, have also expressed interest in securing an investment deal with the White House in order to boost domestic production.

Since the first deal with MP Materials was finalized in July, stocks have surged well over 100% for certain producers, including metallurgical coal producer Ramaco Resources and critical mineral miner NioCorp Developments. This is a strong indication that either of these firms could be a target for the next major deal with Trump.

The administration is also looking abroad for possible investments, as more than a dozen Australian mining companies reportedly held meetings in Washington, D.C., with a number of agencies, according to the Australian Financial Review. 

People familiar with the talks told the outlet that the administration told the Australian companies that the government is looking for ways to take equity-like stakes in mining-related firms.

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While specific deals were not discussed, there was some talk of using a variety of financial techniques, including warrants granting the government the right to buy shares. 

“President Trump has long emphasized the importance of securing our critical mineral supply chain, which is crucial to our economic and national security,” White House deputy press secretary Anna Kelly told the Washington Examiner. “The Administration is naturally in communication with many individuals in the private sector who are helping to achieve this goal.”