47G, in collaboration with the Utah Mining Association, Critical Minerals Institute, and Park City Angels, will convene an event on December 11, 2024 on advanced technologies, critical minerals and the financing of their extraction for national security and economic health.
Salt Lake City, Utah, December 4, 2024
As the world grapples with surging demands for advanced technologies, the role of critical minerals in innovation and national security has never been more pressing. On December 11, 2024, leaders in policy, investment and technology will convene in Utah for Critical Ventures: Investing in National Security Materials. Hosted by 47G in collaboration with the Utah Mining Association, the Critical Minerals Institute and Park City Angels, this landmark event will spotlight Utah’s pivotal role in shaping the future of critical materials.
Running from 9:30 a.m. to 3:00 p.m., the event will provide a unique opportunity for industry professionals, innovators, policymakers and investors to convene and explore solutions to the challenges faced by the critical minerals industry. The event will also showcase groundbreaking opportunities in sustainable extraction, advanced manufacturing and domestic supply chain development.
Utah has the potential to become a cornerstone of the U.S. critical minerals industry, with access to 40 of the 50 minerals deemed essential by the U.S. Geological Survey to the economic health and national security of the United States. These minerals, critical to industries such as renewable energy and aerospace, are the backbone of modern innovation.
The state’s rich geological landscape, including resources in the Great Salt Lake and Paradox Basin, is matched by a culture of innovation and a commitment to research excellence. Institutions like the University of Utah and partnerships with advanced materials industries have propelled Utah to the forefront of the sector. Notably, over 80% of Utah’s advanced materials output supports aerospace and defense manufacturers.
“Utah is uniquely positioned to lead in critical mineral production,” says Brian Somers, president of the Utah Mining Association. “With unmatched mineral resources and world-class mine operators, this state can become a national hub for innovation in this field.”
Despite its numerous strengths, Utah faces a significant challenge in securing early-stage funding for critical minerals projects—a key factor that could propel its leadership in the Intermountain Region. While the state has cultivated a reputation for excelling in early-stage capital investments in sectors like B2B SaaS and medical devices, funding for critical minerals projects remains notably underdeveloped. This funding gap is particularly acute at the project initiation stage, where investments in the range of $20–$50 million are crucial to transforming promising ideas into actionable ventures.
In contrast, in some cases, over $1 billion is required to bring an extraction project to full operational capacity, and can often be sourced from financial powerhouses like New York or Toronto.
Recognizing this gap, initiatives like Critical Ventures are stepping in to bridge the divide. By connecting innovators with investors, these events create a platform to channel early-stage capital into high-impact opportunities. This approach not only addresses a pressing need but also positions Utah as a pioneering hub for critical minerals innovation and investment.
Essentially, by aligning financial resources with Utah’s unparalleled natural and intellectual assets, the state can secure its place at the forefront of the critical minerals industry and drive transformative progress for the nation.
Utah's efforts to close funding gaps and lead in critical minerals development come at a pivotal moment, as the United States faces mounting pressure to secure a stable and independent supply of these vital resources.
The global stakes for critical minerals are high. These resources power essential technologies, from electric vehicles to advanced defense systems. However, the U.S. remains heavily dependent on foreign sources, particularly China, for critical minerals like lithium, graphite and rare earth metals.
Demand is skyrocketing: lithium usage is expected to grow 40-fold by 2040, graphite by 25-fold, and copper demand is set to double. Meanwhile, the U.S. has seen its rare earth mining capacity dwindle over the past four decades, leaving China as the dominant player in processing these essential materials.
“Critical minerals are not just commodities, they’re strategic assets,” emphasizes Somers. “As mineral supply chains have become weaponized by our geopolitical adversaries, the urgency of building domestic supply chains cannot be overstated. This is a matter of economic independence and national security.”
Attendees of Critical Ventures will experience a full day of thought leadership, innovation showcases and collaborative opportunities.
Morning sessions include:
Afternoon sessions feature presentations from six leading companies, including:
“Critical Ventures is a wonderful opportunity to continue the discussion and collaboration of industry leaders on this essential topic,” said Guy Letendre, Vice President of Manufacturing & Materials at 47G. “The involvement of so many innovative companies really underscores the significance of this event and the collective commitment to advancing domestic production and sustainable solutions in critical minerals.”
Utah’s leadership in critical minerals represents more than just an economic opportunity; it’s a strategic imperative for the nation’s future. With unparalleled resources, innovative enterprises and forward-thinking policies, the state is uniquely positioned to drive America toward greater self-reliance and security in critical materials.
Join the conversation on December 11, 2024 to connect with industry leaders, gain insights into transformative projects, and explore how Utah is shaping the future of this essential sector.
To register and for more information about the event: lu.ma/47G_Utah.
