Rio Tinto Ltd (ASX: RIO) and BHP Group Ltd (ASX: BHP) shares are making headlines on Monday.
This comes after executives from the S&P/ASX 200 Index (ASX: XJO) mining giants attended a critical minerals mining meeting on Friday (Saturday Aussie time), hosted by President Donald Trump.
In early morning trade on Monday, Rio Tinto shares are changing hands for $179.33 apiece, up 0.9%. This sees the Rio Tinto share price up 55.6% in a year.
BHP shares are also in the green today, up 1.3% and trading for $63.81 each. That puts the share price of Australia's biggest miner up 56.1% in 12 months.
Both ASX 200 miners also pay twice yearly, fully-franked dividends. Rio Tinto trades on a 3.7% dividend yield, while BHP trades on a 3.1% dividend yield.
Now, here's what's been happening with Donald Trump.
Image source: Getty Images
Rio Tinto and BHP shares in focus amid Trump mining meeting
As you may be aware, the US has been actively working to shore up a secure critical minerals supply chain from sources outside of China. The US government recently committed around US$10 billion to this goal.
The importance of that goal came into sharp focus last year after China slapped export controls in place on select rare earths that are vital to producing a host of products ranging from EVs, to phones to defence technology. The Middle Kingdom still controls more than half of all critical minerals and rare earths refining.
But the Trump administration is intent on changing that balance. And Rio Tinto and BHP shares could benefit over the longer term.
As The Australian Financial Review noted, Trump mentioned US investments of US$3 billion in critical minerals mining at Friday's meeting at the State Department.
"We're putting our miners back to work, and we're reclaiming America's rightful place as the minerals' superpower of the world," Trump said, adding that the new mining projects will "create thousands of jobs and promote our economic stability and security".
And in a thinly veiled swipe at China, Trump noted that the billions of dollars the US is investing in critical minerals mining means the US will never again be "reliant on hostile foreign nations for the resources our country needs to dominate in the future".
Aside from Rio Tinto and BHP shares, other miners that attended the meeting, and who could benefit from the major US critical minerals investments, included MP Materials, USA Rare Earth, Energy Fuels, US Antimony, and The Metals Company.
