The United States is in talks to set up a $5 billion fund to invest in mining, in what would be the government’s most significant foray into dealmaking to boost supplies of critical minerals.

The U.S. International Development Finance Corp. is in discussions to establish the fund as a joint venture with New York-based investment firm Orion Resource Partners, according to people familiar with the matter, who asked not to be identified because the talks are private. Key details are still being negotiated, and there’s no certainty a deal will be agreed, they said.

Trump has touted the prospect of minerals deals in Ukraine and Greenland, while the White House is also keen to promote U.S. investment into the Democratic Republic of Congo’s mining industry. But the joint fund with Orion, if it

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