Trump will meet with mining company executives.

U.S. President Trump will convene executives from several major global mining companies at the U.S. Department of State on August 7 local time, aiming to take action to "secure the supply of critical minerals for the U.S. and its allies." According to Reuters, the U.S. is in urgent need of critical minerals to replenish weapon stockpiles depleted during the conflict with Iran. Over the course of more than five months of war with Iran, the U.S. military has heavily consumed precision-guided missiles and air defense interceptor missiles. U.S. defense officials and lawmakers have warned that, given existing capacity constraints, replenishing some of these stockpiles could take yearsthough the Trump administration has denied reports of a so-called "severe ammunition shortage." According to Pentagon officials and defense companies, the supply of minerals such as rare earth elements, tungsten, germanium, and scandium is essential for manufacturing precision-guided missiles, fighter jets, armored vehicles, infrared sensors, and other advanced weapon systems. The report states that industry giants expected to attend include global mining leader Rio Tinto, Australias BHP, U.S. Freeport-McMoRan Copper & Gold Inc., U.S. Mountain Pass Materials, U.S. Rare Earths, U.S. Energy Fuels, and Canadas Metals Company, among others. According to sources, the Trump administration plans to announce multiple transactions and memorandums of understanding.