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
Nita Ambani's sparkling Hermes handbag, know the whopping price
Palestinian influencer Saleh al-Jafarawi killed in Gaza after cheering Oct 7 attacks — why Israeli media called him 'Mr FAFO'
JP Nadda switches to Zoho mail for official communication
Bengal: One accused in Kasba law college rape case granted bail
BRS alleges fake voters, duplicate entries in Jubilee Hills
