Mining billionaire financier Robert Friedland’s Ivanhoe Atlantic is lobbying the US to classify high-grade iron ore as a critical mineral, citing its importance for defense and green steel production.

The company’s Guinea-based Nimba project will begin production this year, targeting 25 million tons annually within seven years. Ivanhoe Atlantic said that the US lacks domestic high-grade iron ore sources, leaving its steel industry reliant on imports and recycled materials.

Ivanhoe Atlantic’s move comes at a time when Rio Tinto’s giant Simandou iron ore mine in Guinea is expected to begin production by the end of 2025. Once fully operational, Simandou could produce up to 120 million tons of high-quality iron ore per year.