The global race for critical minerals is heating up, and 2025 is shaping up to be a pivotal year for the companies and countries at the heart of this high-stakes scramble. From the copper-rich mountains of Argentina to the rare earth mines of North America and the gold-antimony synergy emerging in Peru, the push for resources vital to clean energy, defense, and high-tech manufacturing is reshaping strategies, supply chains, and even geopolitics.
Nowhere is this more evident than in Argentina, where Glencore—one of the world’s largest commodities firms—has taken a bold step to secure its place in the future of copper. On August 18, 2025, Glencore announced applications to include its flagship El Pachón and Agua Rica copper deposits under Argentina’s new Incentive Regime for Large Investments (RIGI). According to Investing News, these projects represent a combined capital investment of about US$13.5 billion over the next decade, with US$9.5 billion earmarked for El Pachón and US$4 billion for Agua Rica.
This move is more than just a bet on Argentina’s mineral wealth. As Glencore CEO Gary Nagle put it, “President Milei and his administration must be credited for introducing the RIGI. This framework has changed the investment landscape in Argentina, providing a key catalyst to attract major foreign investment to the country.” Martín Pérez de Solay, CEO of Glencore Argentina, added, “The RIGI provides a key platform for the development of Argentina’s significant natural resource endowment. I am confident that the mining sector can be a major contributor to the Argentinian economy with the El Pachón and Agua Rica projects supporting the country’s ambition to become one of the world’s leading copper producers.”
El Pachón is no small operation. It boasts estimated resources of about 6 billion metric tons of ore averaging 0.43% copper, 2.2 grams per metric ton silver, and 130 grams per metric ton molybdenum. Agua Rica, meanwhile, holds roughly 1.2 billion metric tons of ore with average grades of 0.47% copper, 0.2 grams per metric ton gold, 3.4 grams per metric ton silver, and 0.03% molybdenum. Ore from Agua Rica would be processed at the existing Alumbrera facilities, just 35 kilometers away, under the MARA project framework.
This expansion comes as Western governments, particularly the United States, ramp up efforts to secure critical minerals for clean energy and defense. On August 19, 2025, the US Department of Homeland Security announced “high-priority enforcement” targeting imports of Chinese steel, copper, and lithium under the Uyghur Forced Labor Prevention Act. The law aims to restrict goods linked to alleged forced labor abuses in China’s Xinjiang region. Homeland Security Secretary Kristi Noem was unequivocal in a statement on X: “The use of slave labor is repulsive and we will hold Chinese companies accountable for abuses and eliminate threats its forced labor practices pose to our prosperity.”
China controls a major share of global copper and lithium refining capacity, processing about 70 percent of the world’s rare earths. As a result, Western producers are looking to diversify supply chains away from Chinese dominance. Argentina, with its vast reserves, is emerging as a key player in this new landscape, providing an alternative source for critical minerals—and Glencore’s massive investment is a testament to that shift.
But copper isn’t the only mineral in the spotlight. Rare earths, especially neodymium and praseodymium (NdPr), are also seeing record production and soaring demand. MP Materials, a leading US producer, shattered its own records in 2025, reporting second-quarter NdPr output of 597 metric tons—a 119% jump from the previous year, according to Mugglehead. First-half production reached 1,160 metric tons, nearly matching the company’s full-year 2024 output. Rare Earth Oxide (REO) production also hit 13,145 metric tons in Q2, a 45% increase over last year and the second-highest in company history.
Lynas Rare Earths, another major player, produced 2,080 tons of NdPr in fiscal Q4 2025, surpassing the 2,000-ton mark for the first time, with total REO production of 3,212 tons for the quarter. The gains were credited to commissioning progress under the Lynas 2025 capital project, which targets 10,500 tons of annual capacity this year.
Meanwhile, Energy Fuels Inc. has expanded its role in separated rare earths, producing mixed rare earth carbonate from monazite sands at its White Mesa Mill in Utah since 2021. In 2024, the company added capacity to produce up to 1,000 tons of separated NdPr per year, generating 38 tons last year and sending product samples to magnet makers worldwide. Investor enthusiasm has followed, with shares soaring 362.9% this year—far outpacing the rare earth industry’s 17.8% growth.
Analysts remain generally positive on MP Materials, with Canaccord Genuity reiterating a Buy rating in August and setting a price target of $28, citing strengthening demand for neodymium magnets and the company’s move downstream into separation and alloy production. Morgan Stanley and Baird offered more cautious outlooks, noting near-term pricing pressure but acknowledging MP’s strong long-term position in the supply chain.
The US government isn’t just relying on private enterprise. It’s also leveraging policy tools like the FAST-41 program to streamline approvals for strategic mining projects. Perpetua Resources’ Stibnite Gold Project in Idaho, one of the only domestic sources of antimony, received over $24 million from the Department of Defense in 2023 to support development. Other companies, such as NevGold, are diversifying into antimony and other strategic minerals to qualify for similar support, as federal agencies prioritize projects that boost domestic resilience in mineral supply chains.
Antimony, in particular, is drawing attention. GoldMining Inc.’s Crucero Project in southeastern Peru is a case in point. As reported by AInvest, the project has integrated antimony into its resource model, transforming it from a conventional gold play to a dual-metal asset with significant economic and geopolitical upside. The Crucero Project holds 993,000 ounces of indicated gold and 1,147,000 ounces of inferred gold at a 0.4 g/t Au cut-off grade. Validation of antimony mineralization across 79 drill holes—such as DDH-45, which intercepted 6.79 g/t gold equivalent (AuEq) including 6.53 g/t gold and 0.07% antimony—suggests that antimony could add 30–50% to the project’s AuEq value.
Antimony prices have surged in 2025, hitting approximately $48,615 per metric ton in the US and $42,070 in Japan. With preliminary recovery estimates of 100% for gold and 70% for antimony, the project’s viability is strong. The US Department of Defense classifies antimony as a Tier 1 critical mineral, and the EU’s Critical Raw Materials Act prioritizes its secure supply. China, which controls about 78% of global antimony processing, has recently restricted exports, pushing prices even higher and spurring governments to seek alternative sources.
GoldMining’s Crucero Project, located in stable Peru and backed by extensive exploration data, is well-positioned to meet this demand. Its dual-metal profile not only boosts profitability but also insulates it from the volatility of single-commodity markets.
As the world’s appetite for critical minerals intensifies, the interplay between resource development, government policy, and international tensions is only growing more complex. From Argentina to Idaho to Peru, the race is on—not just for profits, but for the very materials that will shape the technologies and security of tomorrow.
