Trilogy Metals Inc

Treasury Secretary Scott Bessent defended the US government's use of taxpayer funds to acquire equity stakes in companies deemed strategically important for competing with China, arguing that industrial policy is necessary when facing a non-market economy. The federal government's largest holdings include a 9.9% stake in Intel obtained through $11.1 billion in previously authorized funding and an approximately 15% stake in MP Materials, which operates the only active rare earths mine in the US. Washington has also acquired stakes in Lithium Americas, Trilogy Metals, USA Rare Earth, and several other businesses. Bessent cautioned that the government must be careful not to overreach and should regularly examine whether each investment has accomplished its intended goal. Early results appear mixed, as government backing has attracted attention and boosted some stock prices, but domestic mining and refining capacity remains far short of what American manufacturers and defense contractors need.

Representative Thomas Massie accused fellow Republicans of overlooking the Trump administration's ownership stakes in several publicly traded companies while criticizing alleged communist influence in the Democratic Party. Massie highlighted government holdings including a 10% non-voting stake in Intel, a roughly 15% stake in MP Materials, a 5% stake in Lithium Americas, a 10% stake in Trilogy Metals, and a 'golden share' in United States Steel that gives Washington veto authority over key corporate decisions. He said the investments amounted to the administration having 'nationalized ownership of these private companies.' The criticism comes amid broader debate in Washington over government ownership of private companies, particularly in artificial intelligence.