The Pentagon is looking to buy as much as $1 billion of critical minerals 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
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
You may also like
"BJP has fake statistics": Akhilesh Yadav on 'infiltration' remarks
Delhi: 11 kg of Silver stolen in Shahdara, probe underway
Peace in Middle East harder than ending govt shutdown, says Trump
IMD predicts heavy rain, thunderstorms in 11 TN districts today
"We have tried to address all their issues": Major General AK Sharma at Veterans Swabhiman Rally 2025
