Pentagon looking to buy $1 billion in critical minerals

The is looking to as much as $1 billion of to stockpile, Financial Times reported, citing public filings published in recent months by Pentagon's Defence Logistics Agency (DLA).

The increased purchases come as new export controls of rare earths and other key materials for defence and technology manufacturing were unveiled by China's ministry of commerce last week. China accounts for almost 70% of the world's production of rare earths, according to the US Geological Survey.

Planned purchases include $500 million of cobalt, up to $245 million of antimony and $100 million of tantalum, the paper said. The DLA stockpiles alloys, rare earths, ores and precious metals, and stores them in depots across the country. Its assets were valued at $1.3 billion as of 2023, Financial Times said.
Bloomberg