How the USA Rare Earth deal with the Trump administration came together

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USA Rare Earth

CEO Barbara Humpton spoke with Secretary of Commerce Howard Lutnick one month after taking the helm at the critical minerals startup, pitching its assets to the federal government.

Humpton’s November 2025 conversation with Lutnick would ultimately lead to a proposed deal that will provide USA Rare Earth with about $1.6 billion in funding, subject to certain conditions, and a U.S. government equity stake in the company.

The CEO, in an exclusive interview with CNBC’s Brian Sullivan on Monday, gave rare insight into how the federal government plans equity stakes in mining companies and aims to reduce U.S. dependence on China.